Shanghai reports 12.5% y/y drop in Q1 tax revenue

Tax revenues in the first quarter for China's commercial hub of Shanghai fell 12.5% from a year earlier, led by a 37.2% slide in receipts from a domestic consumption tax, government data showed.

Tax revenues in the first quarter for China's commercial hub of Shanghai fell 12.5% from a year earlier, led by a 37.2% slide in receipts from a domestic consumption tax, government data showed. Receipts from corporate income tax fell 11.9% in January-March from a year earlier, according data released by Shanghai's tax bureau on its website on April 10. Shanghai's first-quarter tax revenues totalled 549.1 billion yuan ($79.56 billion), versus 627.4 billion yuan a year earlier, the data showed.

No official explanation was given for the decline. China's nationwide tax revenues in the first quarter fell 1.4% from a year earlier, data from the finance ministry showed.

Shanghai's economy in the first quarter expanded 3% from a year earlier, the municipal government has said, compared with the country's 4.5% growth during the same period. Shanghai's economy slumped 13.7% in the second quarter of 2022 following citywide lockdowns in April and May. ($1 = 6.9017 Chinese yuan renminbi)

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