Tax Cuts, Slowdown Collapse Tax, Land Revenues

Caixin: Fiscal Revenue Growth Slowed in March Amid Tax Cuts
Government tax revenue rose 1.9% in March, down from growth of 14.3% a year ago, reflecting greater efforts to cut costs for businesses and individuals as the economy cools. Beijing promised to slash taxes and fees this year by nearly 2 trillion yuan ($297.64 billion), compared with cuts of 1.3 trillion yuan last year.

Individual tax collections recorded the biggest change after the government reformed the individual income tax regime earlier this year. Individual tax collection in March dropped 48.4% from a year ago, according to finance ministry data.

Government income from land sales also shrank further in March, dropping 9.5% from the same period last year.

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