Economics
China Issues Draft Plan to Further Cut Household Tax Burden
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China released a detailed draft plan for personal income tax cuts on Saturday, as the nation’s economic growth slowed to the weakest pace since the aftermath of the global financial crisis in 2009.
Taxpayers can claim deductions for expenses on health care, education, mortgage interest or rent and supporting elderly relatives, state-run Xinhua News Agency reported, citing the draft plan released by the Ministry of Finance and State Administration of Taxation. The deductible amount under each category ranges from 1,000 yuan ($144) per month to 2,000 yuan per month, according to the plan.