CITI'S TAKE Consumption tax reform may re-emerge as a policy focus around the NPC ahead (see our NPC preview). Seeing a serious case for the reported "sugar tax" (FT, Feb 26), we anticipate a gradual, three-pronged reform ahead, [1] shifting the point of taxation from production to retail, [2] reallocating a larger share of the revenue to local governments, and [3] expanding the tax base to include more goods & services with negative externalities. The era of large tax & fee cut is behind us, as we have lon ...