While it is implementing newly introduced tax and fee reduction policies, the Ministry of Finance (MOF) is planning to initiate larger-scale tax cuts and more conspicuous fee reductions, said Xu Guoqiao, an inspector at the Tax Bureau, The Beijing News reported.

The new round of tax and fee cuts will be inclusive, substantial and practical, Xu said.

This means that a further reduction in fiscal revenue flow is expected this year, the report said.

According to the latest data released by the MOF, fiscal revenue was 18.34 trillion yuan, a rise of 6.2% from a year earlier, while tax revenue totaled 15.64 trillion yuan, an increase of 8.3%.

The growth of tax revenue dropped by 2.4 percentage points from 2017. For example, personal income tax revenue increased by 20.7%, 19.9%, and 23% in the first, second, and third quarters, respectively, and decreased by 2.7% in the fourth quarter.