China plans to raise monthly individual income tax exemption threshold to 5,000 yuan from current 3,500 yuan!
China's personal income tax threshold is expected to rise to 5,000 yuan (60,000 yuan per year) per month from the current 3,500 yuan level, according to the amendment draft on individual income tax submitted on Tuesday.
The amendment is the seventh tax overhaul since the personal income tax code of 1980.
The draft on individual income tax has been submitted to the bimonthly session of China's legislative body, the Standing Committee of the National People's Congress, for the first discussion on Tuesday.
Discussion for the tax code revision will touch upon proposing tax deductions in children's education expenditures, medical treatment costs, housing loan interests, and housing rents, according to the draft.
Other possible adjustments include improving the tax rate structure and introducing anti-avoidance clause, according to the draft.
China's total tax revenue in 2017 increased by 10.7 percent year-on-year to 14.4 trillion yuan, according to data from the Ministry of Finance.
Tax revenue from individuals went up by 18.6 percent year-on-year to 1.2 trillion yuan during the same period, official data showed.
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Source| Chinadaily
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