Tax revenue growth slows in Q3 as cuts take effect

China saw notable tax reductions in the third quarter as proactive fiscal policies took effect, strengthening corporations' investment confidence and domestic consumption, experts said.

In the period July to September, the government's tax income increased 8 percent year-on-year, sharply down from the 13.1 percent and 17.8 percent growth reported in the first and second quarters respectively, as a result of the tax cuts issued earlier this year, the State Taxation Administration said on Friday.

The administration's data showed that in the first three quarters, total tax income reached 11.23 trillion yuan ($1.62 trillion), representing year-on-year growth of 13.2 percent.