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Tax reform eases burdens on people

Updated: Sep 19,2018 5:14 PM

The reform on individual income tax should make people feel their tax burdens are eased and real incomes increased, Premier Li Keqiang said while addressing the opening ceremony of the 2018 Summer Davos Forum in Tianjin on Sept 19.

As consumption becomes a major driving force for economic growth, more channels should be created to increase people’s income to boost consumption, the Premier said.

The Individual Income Tax Law is about to be implemented, with special expense deductions for items such as children’s education, continuing education, treatment for serious diseases, as well as housing loan interest and rent, which is being introduced into the tax system for the first time.

The reform is aimed at bringing real benefits for the whole community, the Premier added.