BEIJING, Sept. 11 (Xinhua) -- China's fiscal revenues grew 4.2 percent year on year to 786.3 billion yuan (about 124 billion U.S. dollars) in August, the Ministry of Finance said on Tuesday.
The country's central fiscal revenue dropped 6.7 percent year on year to 376.5 billion yuan last month, while that of local governments was up 16.8 percent to 409.8 billion yuan, according to a statement from the ministry.
During the first eight months, the country's fiscal revenues expanded by 10.8 percent from a year earlier to 8.23 trillion yuan, the statement said.
The growth rate was down 20.1 percentage points compared with the same period last year.
The ministry attributed the slower growth to the slowing economy, falling prices and structural tax reductions.
China's economy expanded 7.8 percent year on year in the first half of 2012, down 1.8 percentage points from a year earlier.
The country's consumer price index, a key gauge of inflation, rose 2 percent year on year in August, accelerating from 1.8 percent in July, according to the statistics bureau.
Tax revenues nationwide rose 8.9 percent year on year to 7.06 trillion yuan in the first eight months, accounting for 85.78 percent of the nation's total fiscal revenues.
In August, revenues from value-added taxes, which make up a major part of total tax revenues, dropped 8.5 percent year on year to 179.3 billion yuan.
The statement attributed the decline to a slowdown in industrial growth, increasing moderation of factory prices and China's structural tax cuts.
Business tax revenues saw an increase of 15.2 percent to 108.2 billion yuan last month, as business tax from the financial sector jumped 38.5 percent and that of the property sector rose 21 percent on rising sales.
Corporate income taxes surged 47.2 percent year on year to 72.9 billion yuan last month, according to the statement.
The ministry said revenues from land sales slid 26.1 percent year on year to 1.56 trillion yuan during the January-August period.
The country's fiscal expenditures totaled 7.24 trillion yuan in the first eight months, up 21.8 percent from a year earlier.