Hope for reduced income tax burden seen from draft

Further individual income tax reductions could benefit Chinese taxpayers beginning next year, as the tax authority unveiled a draft list of specific additional deduction items for public opinion on Saturday.

Taxpayers who have expenditures related to six items - children's education, adult education, treatment of serious diseases, livelihood of seniors, housing loan interest and apartment rents - will enjoy additional deductions to their taxable incomes, according to the Ministry of Finance and the State Administration of Taxation.

It was the first time that the country added this list of "specific additional deductions" into its initial establishment of a comprehensive deduction system, as a significant part of the revised Individual Income Tax Law.