Children who live with their elderly parents in the city of Shenzhen in South China's Guangdong Province may enjoy an income tax reduction, Shenzhen Evening News reported on Sunday.
According to a draft plan to tackle the problems of an aging population published on Monday, employed people living with their elderly parents would pay lower income tax, taking into account their need to provide for their parents.
The draft also suggested a conditional exemption from turnover tax and income tax for seniors who sell their houses to support themselves.
Shenzhen was home to around 250,000 people above age 60 this year and is expected to have 400,000 such residents by 2020, Guangzhou-based Yangcheng Evening News reported on Wednesday.
