China tax revenue rises 5.9% in first eight months, securities stamp duty surges 82%
China's State Taxation Administration reported tax revenue (excluding certain categories) grew 5.9% year-on-year in the first eight months of 2025, outpacing nominal GDP growth of 5.4%. Officials attributed the rise to a 2% cumulative PPI increase, surging capital market activity with average daily A-share trading volume up 72.8% to 2.7 trillion yuan, and policy adjustments. Securities transaction stamp duty jumped 82%, while the top 10,000 enterprises contributed nearly half of total revenue.
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China Tax Revenue Up 5.9% in First Eight Months, Securities Stamp Duty Surges 82%
On September 20, China's State Taxation Administration released tax data for the first eight months of the year, showing national tax revenue collected by tax authorities rose 5.9% year on year. The report attributes this growth partly to a 2% cumulative increase in the Producer Price Index for Industrial Products (PPI), which boosted current-price-based tax revenue. Additionally, active capital markets contributed significantly: average daily A-share trading volume reached 2.7 trillion yuan, up 72.8% year on year. This drove sharp increases in related taxes, including stamp duty on securities transactions (up 82%), personal income tax on restricted share transfers (up 59.7%), and securities industry tax revenue (up 65.6%). Tax revenue from insurance and other financial sectors rose 14.6% and 18.5% respectively. The report also notes that the state standardized certain tax incentives inconsistent with high-quality development, further contributing to revenue growth.
Read sourceChina Tax Revenue Up 5.9% in First Eight Months, Driven by Stock Market Activity
According to data from China's State Taxation Administration, national tax authorities collected tax revenues that increased by 5.9% year-on-year in the first eight months of this year, as reported by Jin10 Data on September 20. The Producer Price Index for Industrial Products (PPI), which is highly correlated with tax revenues, rose by a cumulative 2% during the same period, driving relatively rapid growth in tax revenues calculated at current prices. The capital market remained generally active, with average daily A-share trading volume reaching 2.7 trillion yuan, up 72.8% year-on-year. This boosted related taxes: stamp duty on securities transactions surged 82%, personal income tax on gains from restricted share transfers jumped 59.7%, and tax revenues from the securities industry grew 65.6%. Insurance and other financial sectors saw tax revenue increases of 14.6% and 18.5%, respectively. Other industries also benefited from higher returns on stock market investments. Additionally, the state standardized certain tax incentives inconsistent with high-quality development, contributing to the revenue increase. (CCTV)
Read sourceChina Tax Revenue Growth in First 8 Months Aligns with Economic Growth, Official Says
According to a Cailian Press report on September 20, China's State Taxation Administration released tax data for the first eight months of the year. Tax revenue collected by tax authorities (excluding import VAT, consumption tax, customs duties, and vessel tonnage tax, before deducting export tax rebates) increased by 5.9% year-on-year, which is 0.5 percentage points higher than the nominal GDP growth rate of 5.4% for the first half of the year. Huang Lixin, Director of the Institute of Tax Science at the State Taxation Administration, stated that tax growth has been largely aligned with economic growth since the beginning of the year. He attributed the slightly faster tax growth to three main factors: first, price increases, as the Producer Price Index (PPI) turned positive in March after 41 months of negative growth and rose 2% cumulatively in the first eight months; second, capital market activity boosting securities transaction stamp duty, corporate income tax, individual income tax, and domestic value-added tax; and third, policy adjustments from the new Value-Added Tax Law and standardization of tax incentives, though these do not directly contribute to GDP growth.
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China's top 10,000 enterprises contribute nearly half of total tax revenue in first eight months
Tax revenue data for the first eight months of the year shows a 5.9% year-on-year increase, slightly outpacing nominal GDP growth of 5.4% in the first half. Huang Lixin, director of the Tax Science Research Institute of the State Taxation Administration, attributes this to three factors: price increases, capital market activity, and policy adjustments. The PPI turned positive in March, boosting tax revenues measured at current prices. Capital market activity drove growth in stamp duty on securities transactions (up 82%), corporate income tax, and individual income tax. Policy adjustments from the new VAT law also increased revenues. Chen Binkai, vice president at Central University of Finance and Economics, notes that the top 10,000 largest taxpayers account for nearly half of total tax revenue, while small and micro enterprises, benefiting from preferential policies, contribute only about 10%. The analysis suggests tax growth is broadly consistent with economic growth, reflecting economic resilience.
China Tax Revenue Up 5.9% in First Eight Months, Driven by Stock Market Activity
According to data from China's State Taxation Administration, tax revenue collected nationwide in the first eight months of the year increased by 5.9% year on year. The report attributes this growth to a 2% cumulative rise in the Producer Price Index (PPI), which boosted tax revenue calculated at current prices, and a highly active capital market. The average daily trading volume of A-shares surged 72.8% year on year to 2.7 trillion yuan, driving related tax revenues. Specifically, stamp duty on securities transactions jumped 82%, personal income tax on restricted share transfers rose 59.7%, and tax revenue from the securities industry grew 65.6%. Revenues from insurance and other financial sectors increased by 14.6% and 18.5%, respectively. The report also notes that the state standardized certain tax incentives inconsistent with high-quality development, further contributing to revenue. In terms of taxpayer composition, the top 10,000 largest taxpayers contributed nearly half of total revenue, while the top one million accounted for 90%. Small and micro enterprises, benefiting from preferential policies such as VAT exemption for monthly sales below 100,000 yuan and a reduced corporate income tax rate of 5%, contributed only about 10% of total tax revenue.
Read sourceChina Tax Revenue Growth Outpaces GDP in First Eight Months, Driven by Capital Market Activity
According to the State Taxation Administration (STA), China's tax revenue (excluding certain categories) grew 5.9% year-on-year in the first eight months of 2025, outpacing the nominal GDP growth rate of 5.4% in the first half. Huang Lixin, Director of the STA's Institute of Tax Science, attributed the slightly faster growth to three main factors: price increases, with the PPI turning positive in March and rising 2% cumulatively; capital market activity, with average daily A-share trading volume surging 72.8% to 2.7 trillion yuan, driving securities transaction stamp duty up 82% and related industry taxes; and policy adjustments from the new VAT law and standardization of preferential policies. Huang noted that capital market transactions represent asset transfers, not current production, so they do not significantly contribute to current GDP. Chen Binkai, Vice President of Central University of Finance and Economics, added that large enterprises contribute nearly half of tax revenue, while small and micro enterprises benefit from preferential policies and account for only about 10% of total tax revenue.
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