From Agence France-Presse:
China has proposed lifting millions of its citizens out of the income tax net to ease the burden on low-wage earners amid rising inflation, state press said Sunday.
The country is expected to raise the monthly tax threshold from 1,600 yuan (218 dollars) to 2,000 yuan and the legislature was reviewing the proposal, the Xinhua news agency reported. The new threshold would free 70 percent of wage earners from income tax, much higher than the current figure of 50 percent under the existing limit, it said. [Full Text]
