Beijing reduced VAT rates for many businesses on May 1, but its fiscal revenue for the first four months of the year still soared to record highs. Photo: Xinhua

Beijing fails to match US on tax cuts, as fiscal revenue soars in first four months to US$1.4tn

Revenue from personal income tax up 20.8pc in January-April period, while earnings from VAT grows by 18.4pc

Topic |   China economy

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Beijing reduced VAT rates for many businesses on May 1, but its fiscal revenue for the first four months of the year still soared to record highs. Photo: Xinhua
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