China’s finance ministry has pledged to extent preferential income tax policies for non-Chinese living in the country to December 31, 2023, part of attempts to lower the burden on taxpayers, reports Reuters.
Previously, China said benefits and allowances for foreigners including housing rental and education for their children would cease to be income tax-exempt starting January 1, 2022.
In recent days, the government has pledged to further cut taxes and fees in 2022 to support struggling businesses. China will also extend some favorable income tax policies to ease the burden for middle- and low-income groups.