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Business

China unveils special individual income tax deductions

BEIJING: The State Council, China's cabinet, announced special individual income tax deductions on Saturday, in orde

Dec 22 2018

BEIJING: The State Council, China's cabinet, announced special individual income tax deductions on Saturday, in order to lower the tax burden for those who have certain expenditures.

Those expenditures cover six areas, including children's education, continuing education, health treatment for serious diseases, housing loan interests, rent and elderly care.

The new temporary measures will come into effect along with the amended personal individual income tax law on Jan. 1, 2019.

Copyright APP (Associated Press of Pakistan), 2018