China unveils special individual income tax deductions
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.
Picture of Chinese currency-100 yuan note. [Photo: IC]
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.