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China set to cut tax rates for middle classes in bid to stimulate consumer spending
China’s middle classes could soon be much better off thanks to a raft of personal tax incentives under consideration by the government. As well as raising workers’ monthly personal allowance to 5,000 yuan (US$775) from 3,500 yuan, the changes will make interest payments on mortgage loans, and education, training and medical expenses tax deductible. The proposals have already been drawn up and are expected to be endorsed by the National People’s Congress, China’s legislature, this week, Xinhua reported. The changes come at a time when consumer spending is under serious pressure – retail sales in May slowed ... (full story)