Slowing tax income amid the global economic downturn have led China's total fiscal revenues in March to drop by almost 14% on last year's figures, the Ministry of Finance (MoF) has announced.
According to the MoF, combined central and local government March revenues have fallen by approximately 13.6% in the 12 months ending March 2009 to CNY589.72bn (USD86.47bn).
Much of the decline has been attributed to falling tax revenues and administrative fees. Whilst corporate income tax collections are down by as much as 81% as businesses struggle with the consequences of the global recession, export tax rebates have soared.
The swathe of tax incentive measures introduced by the government late last year - such as the increase in export tax rebates, reduction of taxes on car and house purchases and the Value Added Tax reform - have all contributed to the reduction in government revenue.
The government is expecting a deficit for the year of nearly a trillion yen (USD130bn).
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