Tax cut details unveiled to boost consumption

China released major reform measures of its individual income tax system over the weekend, a move that analysts expect will ease the burden on taxpayers, boost consumption and stabilize economic growth.

The revised rules of the individual income tax law and special individual income tax deductions will take effect on Jan 1, according to statements from the State Council on Saturday.

Reform of the individual income tax - one of three major contributors to China's treasury, along with value-added taxes and enterprise income taxes - mainly focused on adjustments to tax brackets and standard deduction increases, as well as new specific additional deductions.