China’s general fiscal revenue plunged 41% in April as the government gave money back to taxpayers to help businesses weather the impact of Covid curbs that have weighed on the economy, reports Bloomberg.
Government income from taxes and fees totaled 1.23 trillion yuan ($182 billion) in April, according to a Bloomberg calculation using official data, which was released Tuesday but did not break out the monthly figure from the year-to-date total.
Income for the first four months of the year was 7.43 trillion yuan, down 4.8% from the same period last year, the Ministry of Finance said in a statement. Revenue for this period would have increased 5% from a year earlier had it not been for the tax rebates, the ministry said.