Ministry of Finance publishes account book in 2019: individual income tax per capita is less than 1842 yuan

category:Finance
 Ministry of Finance publishes account book in 2019: individual income tax per capita is less than 1842 yuan


According to the explanation on the final accounts of general public budget revenue of the central government in 2019, the budget of domestic value-added tax of the largest tax category is 3004 billion yuan, and the final account is 3116.046 billion yuan, which is 112.046 billion yuan more than the budget.

The Ministry of Finance explained that this was mainly due to the fact that after the implementation of large-scale tax reduction and fee reduction, the tax source growth was higher than expected at the beginning of the year.

Last year, China implemented a tax reduction and fee reduction policy with a total scale of more than 2.3 trillion yuan, of which the value-added tax cut was about 1 trillion yuan. It is in consideration of VAT reduction that last years expectation of VAT was relatively low. However, a number of Finance and tax experts told the first finance and economics reporter that the scale of tax reduction is not equal to the reduction of income of the same scale, because some enterprises may increase their investment after reducing their burdens, and some enterprises will pay more taxes instead of improving their economic benefits.

In 2019, the budget of individual income tax is 774 billion yuan, and the final account is 623.419 billion yuan, which is 150.581 billion yuan shorter than the budget. The Ministry of Finance explained that this was mainly due to the fact that the tax reduction scale of raising the basic deduction standard and implementing six special additional deduction policies exceeded expectations.

The new individual income tax reduction policy has reduced the burden of the people by as much as 460.4 billion yuan, benefiting 250 million taxpayers directly. The per capita tax reduction is about 1842 yuan. It is precisely because the tax reduction policy is strong and implemented in place, so the income reduction is more than expected.

Last year, the effect of large-scale tax reduction and fee reduction was obvious. According to the data of the Ministry of finance, tax reduction and fee reduction last year boosted GDP growth by 0.8%, fixed asset investment by 0.5%, and total retail sales of consumer goods by 1.1%.

Last year, the scale of tax reduction and fee reduction exceeded expectations. In order to make up for the fiscal revenue and expenditure gap caused by this, the central government increased the profits paid by specific financial institutions and central enterprises last year.

In 2019, the budget of state-owned capital operation income is 565 billion yuan, but the final final account is 665.903 billion yuan, which is 100.903 billion yuan higher than the budget. This is mainly due to the increase of profits handed in by specific financial institutions and central enterprises.

High growth rate of expenditure attracts attention

How to spend the central governments money has attracted the attention of the market. In last years central fiscal expenditure, the transfer payment to local governments was nearly 7.5 trillion yuan, an increase of about 7.4% over the same period last year.

Compared with the final accounts of the previous year, several expenditures with a larger increase in the final accounts of last year reflect the direction of the active financial policy of the central government.

First of all, due to the impact of large-scale tax reduction and fee reduction, the central and western regions have been short of financial resources at the grass-roots level. Therefore, last year, the central government focused on supporting the underdeveloped areas by transferring funds to local governments.

Secondly, the central governments expenditure on responding to natural disasters and supporting the prevention and control of swine plague in Africa increased significantly.

Thirdly, the central government has maintained a high growth rate in investment in science and technology, education and other important areas, as well as xiongan new area and Hainan free trade port. For example, in 2019, the central government invested 26.6% of the special funds for the quality improvement plan of modern vocational education, 56.9% of the special funds for guiding the development of local science and technology, and 80.8% of the subsidy funds for the improvement of medical service and security ability. In terms of regional support, the central government set up a special transfer payment for Northeast revitalization for the first time in 2019, with an allocation of 5 billion yuan. A comprehensive financial subsidy of 10 billion yuan was arranged for the construction and development of xiongan new area, with a year-on-year increase of 100%. In addition, 10 billion yuan of comprehensive financial subsidies were arranged to support Hainan in comprehensively deepening reform and opening up, which was the same as last year. Source of this article: Yang Bin, editor in charge of the first finance and Economics_ NF4368

Thirdly, the central government has maintained a high growth rate in investment in science and technology, education and other important areas, as well as xiongan new area and Hainan free trade port.

For example, in 2019, the central government invested 26.6% of the special funds for the quality improvement plan of modern vocational education, 56.9% of the special funds for guiding the development of local science and technology, and 80.8% of the subsidy funds for the improvement of medical service and security ability.

In terms of regional support, the central government set up a special transfer payment for Northeast revitalization for the first time in 2019, with an allocation of 5 billion yuan. A comprehensive financial subsidy of 10 billion yuan was arranged for the construction and development of xiongan new area, with a year-on-year increase of 100%. In addition, 10 billion yuan of comprehensive financial subsidies were arranged to support Hainan in comprehensively deepening reform and opening up, which was the same as last year.