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... ture. By exempting the fiefdom from taxes for three years, we’ve essentially cut off the government’s income.”

Seeing Xiao Ming frown at the accounts, Pang Yukun explained further.

“As for commercial taxes, only Qingzhou has a significant number of merchants, and even then, they’re mostly concentrated in industries like brewing and soap-making. The taxes collected amount to just tens of thousands of taels—a drop in the bucket compared to our current expenditures.”

Pang Yu ...

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