Year-ender: Major policies aimed at improving health, housing and income

1,764 yuan per capita tax cut in Q1-3

China continued to reduce the tax burden on individuals by improving and better implementing the special individual income tax deduction mechanism.

The mechanism had slashed taxes by over 440 billion yuan for 250 million taxpayers in the first nine months of this year, amounting to a per capita tax reduction of 1,764 yuan, according to data from the State Taxation Administration.

China rolled out steps to reform its individual income tax system last year, with measures including raising the earnings threshold for the collection of income tax from 3,500 yuan to 5,000 yuan a month, adjusting tax brackets and offering new deductions.