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A big fall in tax income growth in Q1...>

CHINA PRESS
CHINA PRESS: A big fall in tax income growth in Q1 of this year was mainly due
to the scale of tax cuts, the Securities Daily said in a front page report on
Wednesday. Citing data from the Ministry of Finance, the newspaper reported that
China's Q1 tax income growth slowed to 5.4% y/y, well down from the 17.3% gain
in the same period last year. The tax take from individual tax fell 29.7% y/y in
Q1, with about 84 million taxpayers exempted from paying individual tax as the
government raised the tax threshold, the newspaper said. The growth of VAT
income also decelerated to 10.7%, compared with 20.1% in Q1 2018.
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