Money
China allows higher deductions for individual income tax
Coins and banknotes of Chinas yuan are seen in this illustration picture taken February 24, 2022. — Reuters pic

BEIJING, Aug 31 — China today announced higher additional deductions for individual income tax.

Special additional reductions from taxable income for children’s education, caring for babies, and tending the elder have been hiked by 1,000 yuan (RM636) per month, according to a State Council statement.

The adjusted deductions have been in effect since January 1. — Reuters

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