Chinese authorities on Tuesday announced an extension of tax and fee incentives for entities that provide community-focused or family-oriented services such as elderly care, child care and domestic services.
Key support measures, which will be extended to the end of 2027, include a value-added tax exemption for income from elderly care, childcare and domestic services, as well as a 10 percent reduction to the taxable income rate for entities engaged in these services sectors, according to a joint statement issued by six government departments, including the Ministry of Finance and the State Taxation Administration.
Other support measures include a deed tax exemption for properties or land used for such services, and waivers for fees such as those associated with property registration.
The continued support for these sectors, which is expected to lower the operational costs of enterprises engaged in community-focused care industries, is in line with the government's broad efforts to respond actively to population aging, and to refine its policies and mechanisms to coordinate the development of elderly care programs and industries.
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