Caixin
Oct 22, 2018 08:34 PM
ECONOMY

China Drafts Proposal for Personal Income Tax Deductions

The  draft proposal for personal income tax deduction reform does not cover childcare costs for pre-school-age children, which is the biggest source of financial pressure on white-collar families, an analyst wrote. Photo: VCG
The draft proposal for personal income tax deduction reform does not cover childcare costs for pre-school-age children, which is the biggest source of financial pressure on white-collar families, an analyst wrote. Photo: VCG

*In a move to boost consumption, the central government has released a draft income tax deduction proposal, which, if enacted, could cut the income tax bills of many citizens by around half

*However, the deductions may not be large enough to have a significant impact on the economy, an analyst said

(Beijing) — The central government has released a draft proposal for a long-awaited personal income tax deduction reform that aims to stimulate consumer spending to bolster slowing economic growth.

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