China’s April Revenue Slumps 41% on Tax Cuts to Counter Covid Effects

(Bloomberg) — 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.

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.