In an unprecedented move, China's Ministry of Finance (MoF) on October 20, announced unveiled draft revisions to the Individual Income Tax Law detailed tax deductions in six different areas namely: “From January 1, 2019…homeowners will be allowed to claim up to 1,000 yuan a month against mortgage interest payments on a first property.”; “Those in rented accommodation will get a tax-free allowance of 800 to 1,200 yuan a month.”; “Parents will be able to claim a 12,000 yuan tax deduction against the yearly cost of each of their children’s education expenses.”; “Adults will be allowed to offset between 3,600 and 4,800 yuan of the annual cost of their own further education.”; and “People with ‘serious’ illnesses will receive a 60,000 yuan a year tax allowance, while those who care for elderly parents will be entitled to tax relief on up to 2,000 yuan a month.”

(Comment: Tax deductions for individuals are totally new in China.)