From Xinhua via Shanghai Daily:
China’s top legislature has adopted an amendment to raise the individual income tax threshold from 1,600 yuan (about US$220) a month to 2,000 yuan, a change intended to ease the burden of medium- and low-income earners facing higher living costs.
The amendment will take effect from March 1, 2008. The change will reduce government revenues by 30 billion yuan a year, according to official statistics. But it will also mean that 70 percent of income earners will be exempt from income tax, against 50 percent now….[Full Text]
– Read also previous post China Raises Tax Threshold To Ease Burden On Poor via CDT
