Xinhua News Agency Beijing (Reporter Liu Kaixiong) reporter learned from the State Administration of Taxation on the 14th that from the latest value-added tax invoice data, the quarterly sales revenue growth rates of national enterprises from the third quarter of last year to the third quarter of this year were 0.4%, 2.6%, 2.1%, 3.1% and 4.4% year-on-year respectively. The overall growth rate has rebounded steadily.

The economy has rebounded and business conditions have improved, which has also led to an increase in tax revenue. Since February this year, the tax revenue collected by the tax department (before export tax rebates are deducted) has been growing for eight consecutive months, and the cumulative growth rate has increased month by month. Among them, the second and third quarters of this year increased by 2.6% and 6.9% respectively year-on-year.

“The growth of tax revenue in the third quarter of this year, especially in September, was relatively high. In addition to factors driven by the improvement of the economy, the narrowing of the PPI decline and the low revenue base in the same period last year also led to a corresponding increase in tax revenue.” said the person in charge of the relevant departments of the State Administration of Taxation.

Xu Sheng, a member of the academic committee and researcher of the Economic Research Institute of the National Development and Reform Commission, said that in September last year, the package of incremental policies deployed and implemented at the Political Bureau meeting of the Central Committee was a counter-cyclical combination of precise adjustments to respond to the staged challenges of our country’s economy. Its policy effectiveness has been intuitively confirmed in the value-added tax invoice data and tax revenue data.

From the perspective of major industries, manufacturing tax revenue accounts for 31% of the total tax revenue, and the revenue increase accounts for 48% of the total revenue increase. The "ballast stone" effect is obvious, and the tax revenue of some high-end manufacturing industries is growing rapidly. In terms of major taxes, domestic value-added tax increased by 3.2% year-on-year, reflecting the improvement of corporate operations; corporate income tax increased by 4.1% year-on-year, reflecting the continuous improvement of corporate profitability in some industries.

“Taxation is a barometer of the economy, and tax data can “depict” the true effects of a series of policies from multiple angles.” Chen Binkai, vice president of the Central University of Finance and Economics, believes that the steady rebound in invoice data reflects the effectiveness of a package of incremental policies plus existing policies, which promotes stable and positive economic operations, gradual improvement in corporate profits, and continued release of consumption vitality, which also directly drives a steady increase in tax revenue.