China Prepares Income Tax Breaks
Chinese government will increase the threshold for collecting income taxes for the first time in 7 years as move to improve incomes, personal spending power and boost the overall consumption by some 320 billion yuan per year. The threshold for collecting income taxes will be raised from 3,500 yuan to 5,000 yuan (732.21 dollars) per month. Taxpayers will also be able to calculate expenses associated with children's education, interest on home mortgages, housing rent and treatment for serious diseases. The law will take effect a month from now. The rest of the amendment will come into effect on Jan. 1 2019.