Tax De­duc­tions

Beijing Review - - THIS WEEK ECONOMY -

Chi­nese au­thor­i­ties on Oc­to­ber 20 un­veiled draft tem­po­rary mea­sures on spe­cial ad­di­tional de­duc­tions from tax­able per­sonal in­comes to col­lect pub­lic opin­ions.

China’s re­vised In­di­vid­ual In­come Tax Law al­lows spe­cial ad­di­tional de­duc­tions from tax­able in­comes for chil­dren’s ed­u­ca­tion, con­tin­u­ing ed­u­ca­tion, treat­ment for se­ri­ous dis­eases, car­ing for the el­derly, as well as re­pay­ing hous­ing loans and rents.

The tem­po­rary de­duc­tion rules were made un­der the prin­ci­ples of be­ing fair and rea­son­able, sim­ple and easy to im­ple­ment, ef­fec­tively re­duc­ing peo­ple’s bur­dens and im­prov­ing their lives, ac­cord­ing to the Min­istry of Fi­nance and the State

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