“China canceled tax exemptions on birth control drugs and contraceptives from January 1.”, — write: www.pravda.com.ua
Source: news agency Reuters
Literally: “The move comes as Beijing tries to boost birth rates in the world’s second-largest economy. China’s population is set to shrink for a third straight year in 2024, and experts warn the decline will continue.”
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Details: China has ended an exemption that exempted contraceptives from taxation for more than 30 years.
Currently, condoms and birth control pills are subject to value added tax at the rate of 13%, which applies to most consumer goods.
This decision was made against the background of attempts by the authorities to change negative demographic trends.
China’s birth rate has been declining for decades due to the effects of the one-child policy that ran from 1980 to 2015, as well as accelerated urbanization. In particular, in 2024, the country’s population decreased for the third year in a row, and experts warn that this trend will continue in the future.