Posted inChina

Property cushions state coffers from tax cuts, VAT switch

China’s fiscal revenue grew at its slowest pace in almost three decades as the government pushed through its tax overhaul despite downward pressures on the economy. State coffers would have been in a much more dire position but for the surging property market. The government collected fiscal revenues of 15.96 trillion yuan (US$2.3 trillion) in 2016, up 4.5% […]

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