BEIJING, May 29 (Xinhua) -- China will further reduce taxes in the community-based service industries, including the elderly care, childcare and household services.
Stating from June 1 this year to the end of 2025, earnings of those industries will be exempted from the value-added tax, and enjoy a 10-percent deduction in taxable income.
The decision was made at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.
The development of community-based elderly care, childcare and household services is crucial in addressing China's aging problem and facilitating the country's two-child policy, which will help boost consumption and employment.
The meeting decided to increase the supply of community facilities, expand market access and guide social forces to widely participate, provide fiscal subsidies for personnel training, and optimize the fiscal expenditure structure in the industry.
The country will also encourage undergraduate colleges and vocational schools to launch majors of household services and work to improve the standard and credit system to promote the sound and sustainable development of the household service industry.