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资本市场相关税收保持较高增速 反映股市交易活跃
Zheng Quan Ri Bao·2025-10-14 15:44

Core Insights - The implementation of a series of incremental and stock policies since the Central Political Bureau meeting on September 26 last year has led to a steady recovery in both invoice sales and tax revenue, indicating a positive trend in China's economy [1][3] Group 1: Invoice Sales and Tax Revenue - National enterprise quarterly sales revenue growth rates from Q3 last year to Q3 this year were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4%, showing a steady upward trend [2] - Tax revenue turned positive in October last year after seven months of negative growth, with continuous positive growth for eight months since February this year, showing year-on-year increases of 2.6% in Q1, 6.9% in Q2, and a significant rise in Q3 [2][3] - The increase in tax revenue in September was attributed to economic improvement, a narrowing decline in the Producer Price Index (PPI), and a low base from the previous year [2] Group 2: Capital Market Performance - Tax revenue from capital market services increased by 56.8% year-on-year, with securities transaction stamp duty rising by 110.5% [3] - The stock market has seen increased activity, with the total market capitalization of A-share companies surpassing 100 trillion yuan in August and the Shanghai Composite Index reaching a ten-year high in September [2][3] Group 3: Real Estate Market - Tax revenue related to the real estate sector decreased by 9.8% year-on-year, but the decline has narrowed significantly due to the implementation of various policies aimed at stabilizing the real estate market [3] - The government has introduced nearly 80 billion yuan in tax reductions this year, which has lowered transaction costs for residential housing and supported market stabilization [3] Group 4: Future Tax Policy Directions - The tax authorities will continue to implement the decisions of the Central Committee and the State Council, focusing on fair legal practices and compliance management, while leveraging big data to ensure that policy benefits reach businesses effectively [4]