New Chinese income tax law to take effect Jan. 1

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China has released an amended regulation aimed at better implementation of a new Individual Income Tax Law, according to a State Council statement on Saturday.

The revised regulation will take effect on January 1, 2019, together with the new law, according to a decree by the State Council, signed by Premier Li Keqiang.

The amendment was made by the State Council to match the revised individual income tax law adopted by China's top legislature in August.

The amended regulations have specified special expense deductions and introduced bigger tax incentives for qualified foreign talent.

The individual income tax was the third major contributor to China's total tax revenue, following value-added tax and enterprise income tax.

In 2017, China collected individual income taxes worth nearly 1.2 trillion yuan (174 billion U.S. dollars) in total, about 8.3 percent of the total tax revenue.

(With inputs from Xinhua)