Middle-class Chinese could soon benefit from a raft of tax cuts as the Chinese government looks to boost consumer spending, the South China Morning Post reports.
The cuts under consideration include raising workers’ monthly personal allowances to RMB 5,000 ($775) from RMB 3,500, as well as allowing interest payments on mortgage loans, education, training and medical expenses tax deductible.
The proposed measures could be approved by the National People’s Congress as early as this week.
The short time frame may be a reflection of the concern in Beijing over low levels of consumption, with retail sales growing at their lowest level in 15 years in May.
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