Family, elder care tax deductions to get another boost
By Liu Yukun | chinadaily.com.cn | Updated: 2023-08-31 17:21
China will further reduce income tax for individuals who have children to raise or elderly people to support, a State Council notice issued on Thursday said.
According to the notice, China will adopt higher additional deductions for individual income tax. Standards for special additional reductions for children's education and caring for babies under the age of 3 have been hiked by 1,000 yuan ($137.17) per month to 2,000 yuan, while those for tending to elders was raised from 2,000 yuan to 3,000 yuan.
The adjusted deductions have been in effect since Jan 1.
The deductions will ease financial burdens for families to raise children and care for the elderly, improve livelihoods and raise residents' consumption capacity, according to the Ministry of Finance and the State Taxation Administration.
