China Raises Tax Breaks on Child Care to Boost Consumption (1)

China raises value of deductions in infant and elderly care, and in children’s education spending in its personal income tax collection, effective from January 1st 2023, State Council says in a statement.

• The move targets reducing families’ burden of caring for children and elderly parents, the statement says
• The Ministry of Finance says in a separate statement that the move is also aimed at boosting household consumption

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(Changes headline, adds the second bullet)

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