Fiscal & tax revenue 2020

China's fiscal revenue rose 3.2 percent year on year in June, marking the first expansion this year.

In the first half of 2020, the country's fiscal revenue came in at 9.62 trillion yuan ($1.37 trillion), down 10.8 percent year-on-year, according to data released by the Ministry of Finance.

Tax revenue totaled 8.2 trillion yuan, down 11.3 percent year-on-year in the first six months. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 19.1 percent year-on-year.

A breakdown showed the central government collected nearly 4.43 trillion yuan in fiscal revenue during the six-month period, down 14 percent year-on-year, while local governments saw fiscal revenue drop by 7.9 percent to 5.18 trillion yuan.

With the economy continuing to recover in the second half, fiscal revenue is expected to further rise and increase funds available for the government to support the economy.

China's top tax authority said the country's tax and fee cuts totaled over 1.5 trillion yuan (about $216 billion) in the first half of the year.

Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development and COVID-19 containment saved a total of 894.1 billion yuan, according to the State Taxation Administration.

The remaining 610.4 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cut policies rolled out last year.

Since the outbreak of the epidemic, China has unveiled a slew of new tax and fee relief measures to alleviate the burdens on market entities.