December 31 2018

State Council Issues Interim Measures for Special Individual Income Tax Deductions

Source: IBFD Tax Research Platform News

The State Council recently issued the Interim Measures for Special Individual Income Tax Deductions.

The document was further polished based on public opinions. According to the interim measures, if taxpayers' children are educated at foreign schools or they are receiving continuing professional education, they should keep the foreign school's admission letters as well as continuing education certificates to be subject to future examinations. The maximum taxable income deductions on medical cost stemming from serious diseases are lifted to 80,000 yuan a year from 60,000 yuan. The interim measures will be effective from January 1, 2019.