(Yicai Global) Jan. 20 -- China’s tax revenue fell 2.6 percent last year, a smaller decline than had been projected, amid a rapid economic recovery from the effects of the Covid-19 pandemic.

Tax revenue, excluding export tax rebates, was CNY13.68 trillion (USD2.12 trillion) in 2020, the State Taxation Administration revealed today. A 3.4 percent decline had been factored into the fiscal budget.

China’s tax take rebounded for nine straight months after bottoming out in March, reflecting a strong upturn in the economy, said Cai Zili, an STA official.

The annual tally made up 75.5 percent of fiscal revenue, up from the previous year's 73.8 percent. The total is expected to equal 15.2 percent of gross domestic product in 2020, falling from 16 percent in 2019 as the corporate tax burden was eased.

The STA will step up data sharing and develop new tools to better support market players and macroeconomic decision making, said spokesperson Rong Hailou.

Tax and fee cuts topped CNY2.5 trillion (USD386.4 billion) last year amid efforts to support the real economy. Manufacturing-related fields benefited the most, making up about 35 percent of the total. The private sector was predicted to have its fees and taxes slashed by as much as 70 percent.

Last year, the STA released a list of nearly 200 categories for which consumers and companies can pay taxes online. About 90 percent of payments and 99 percent of filing services are available online, said STA head Wang Jun.

Editor: Emmi Laine