(Yicai Global) June 14 -- In the first five months of this year, China's personal income tax revenue fell 30.7 percent annually to CNY477.8 billion (USD69 billion), the finance ministry said today.

China has implemented a new law to reduce personal tax burden since October 2018, which included adjusting the tax brackets, raising personal deductions on comprehensive income, and allowing itemized deductions for specific expenditures. 

Editor: William Clegg