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China announces tax deductions to boost consumption

China is set to introduce a range of new allowances that could save taxpayers tens of thousands of yuan a year, as Beijing looks to boost consumer spending amid a stinging trade war with the United States and slowing economic growth.

Under the plan released by the Ministry of Finance and the State Administration of Taxation, families could file for tax deductions for a number of expenditures, including education, healthcare, mortgage interests, rentals as well as elderly care.

The government agencies are seeking public comments on the initial plan starting on Saturday, which is scheduled to take effect on January . . .

 

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