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New Personal Income Tax Law Coming Soon
August 2, 2005 | By ChinaRetailNews.com Editor |
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The draft amendment to the personal income tax law the State Council has in principle approved is a belated but important step towards updating one of the country's obsolete laws. The decision made by the State Council, China's cabinet, on July 26 has essentially cleared the way for the draft to be given to the Standing Committee of the National People's Congress, the top legislative body.
China Daily reports that before its submission, further revisions may still be made such as to the threshold for personal income tax, which may be raised, while a decision to do away with the present one-size-fits-all basis of 800 yuan (US$99) has clearly been endorsed by the government.
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