China reduces personal income tax for parents of children under three
China has announced tax-relief policies for parents rearing children under three years old, a state council circular issued on Monday said.
The circular said starting January 1, 2022, the individual taxable income of such parents can be reduced by a total of ¥1,000 ($157) per month for each baby.
The deduction can be applied in full by one parent or can be split evenly, it added.
The policy is the implementation of a decision on improving birth policies to promote long-term and balanced population development.
(Xinhua/NAN)
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