Millions Apply for China’s New Tax Deductions

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By Tang Ziyi / Dec 25, 2018 12:48 PM / Economy

Photo: VCG

Roughly 8 million people have already applied for China’s new personal income tax deductions, China News Service reported.

China’s State Council released a revised individual income tax law on Saturday, which includes six new deductions that aim to stimulate consumer spending and bolster slowing economic growth. The law also increases the tax-free threshold from 3,500 yuan ($513) to 5,000 yuan.

The six tax deductions apply to rent, children’s education, continuing education, the treatment of critical illnesses, mortgage interest and elder care.

The amended regulations will take effect on Jan. 1, 2019.

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