2023年，政府采取一系列措施调整税收结构，包括恢复部分疫情期间暂停的税率优惠，调整投资基金税 负，加强税务争议管理机构权力，以及调高枪支弹药相关税率。（新华财经） 2023年1月卢拉第三次执政以来，巴西政府为实现财政收支平衡，陆续出台多项税收调整和新税措施， 力图巩固公共财政基础。 据巴西媒体统计，卢拉政府近三年来共实施约25项税费调整，包括调增现有税种税率、取消部分税收优 惠、推出新型税收以及加征部分商品和服务税。其中，较为引人关注的措施有针对体育博彩业的专项税 收、国际购物"衬衫税"以及金融交易税（IOF）等。 ...

一位地方财政部门人士对经济观察报表示， 某县 往年 能发5亿元至6亿元专项债，今年上半年只 发了几千万元，导致项目 建设 全面停滞。 经济观察报获悉，2025年上半年多个省份加大对管理专项债资金使用的管理力度。 比如，部分地区要求设立专项债券资金财政专户，对专项债券资金实行专户管理，并要求项目单位 主管部门和项目单位应及时在财政部门信息系统填报资金使用、项目建设、项目运营、项目收益、 资产等信息，确保全部专项债券项目纳入穿透式监测系统。 经济观察报了解到，一个专项债自审自发的省份，要求专项债有问题的县区在2025年不准发行新 的专项债，必须"先整改，再启动"。 专项债严管的原因是部分地区出现了将专项债挪用至其他领域的现象。 一 个 专 项 债 自 审 自 发 的 省 份 ， 要 求 专 项 债 有 问 题 的 县 区 在 2025年不准发行新的专项债，必须"先整改，再启动"。专项 债严管的原因是部分地区出现了将专项债挪用至其他领域的现 象。 作者：杜涛 封图：图虫创意 7月份，一位地方政府投融资人士查看省里最新一批专项债发行数据时，发现部分县区专项债发行 量大幅减少。这并非这些县区不想发，而是省里限制了发行。 ...

Core Viewpoint - The article discusses the tightening management of special bond funds by various provincial governments in China, emphasizing the need for stricter regulations to prevent misuse and ensure effective investment in infrastructure and public welfare projects [2][3][10]. Summary by Sections Management of Special Bonds - Multiple provinces have proposed stricter management of special bond fund usage, with the Ministry of Finance focusing on this as a key management area [2]. - New requirements for issuing special bonds include having public bidding announcements, winning bid notifications, construction contracts, and land use certificates [2][5]. Issues with Misuse of Funds - There have been instances of local governments misusing special bond funds for non-eligible projects, such as regular operational expenses and projects not yielding returns [6][9]. - A report indicated that by the end of 2023, 279.24 billion yuan of bond funds were either idle or misused, highlighting flaws in the selection and monitoring mechanisms for special bonds [6][7]. Financial Pressure on Local Governments - Local governments face significant financial pressure, leading to the misallocation of special bond funds to meet essential expenditures, known as the "three guarantees" (ensuring livelihood, salaries, and operational stability) [3][11][12]. - The overall public budget revenue showed a slight decline in early 2025, indicating a challenging fiscal environment for local governments [11][12]. Impact on Investment and Economic Stability - The increase in government bond financing and restrictions on the misuse of special bonds are expected to channel more funds into critical areas like infrastructure and public welfare, potentially stabilizing the economy [10]. - However, experts suggest that strict management of special bonds should be accompanied by supportive policies to address the underlying fiscal challenges faced by local governments [11].

Group 1 - The article highlights the tightening regulations on local government special bonds, requiring more comprehensive documentation and project readiness before funds can be allocated [1][2][3] - The aim of these stricter requirements is to prevent misuse of special bond funds and to ensure that investments are effectively contributing to economic stability [2][7] - There is a growing concern that while strict management is necessary, it must also consider the financial pressures faced by local governments, particularly in maintaining essential services [2][8][10] Group 2 - Local governments are now required to manage special bond funds through dedicated accounts to ensure that the funds are used specifically for their intended purposes [3][5] - Despite these regulations, instances of fund misappropriation have been reported, with special bond funds being redirected to cover operational costs or other non-eligible projects [4][6] - Recent audits revealed that a significant portion of raised bond funds remains unutilized or misallocated, indicating flaws in the selection and monitoring processes for special bond projects [5][9] Group 3 - The increase in government bond financing and restrictions on the misuse of special bonds are expected to channel more funds into infrastructure and public welfare projects, potentially aiding economic recovery [7][8] - However, experts suggest that strict controls on special bonds should be accompanied by supportive policies to address the underlying fiscal challenges faced by local governments [8][10] - The financial strain on local governments is evident, with declining revenues and increasing expenditure pressures, leading to a reliance on reallocating funds between projects [9][10]