USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

Govt approves changes to income tax law

By Zhou Lanxu and Jiang Xueqing | chinadaily.com.cn | Updated: 2018-08-31 17:08
The new tax threshold is set to take effect on Oct 1. [Photo/VCG]

China's top legislature voted through amendments to the Personal Income Tax Law on Friday afternoon, setting the personal income tax threshold at 5,000 yuan ($733) per month, or 60,000 yuan per year, elevated from the current 3,500 yuan per month.

According to the National People's Congress Standing Committee, the new tax law added special tax deductions, including expenses on children's education, continuing education, treatment for serious diseases, housing loan interest and rent, and caring for the elderly, easing tax burdens on individuals.

The new tax threshold is set to take effect on Oct 1, before the whole amendment comes into force on Jan 1.

Top
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US