|2020-01-09 08:37:33 来源： esball|
the personal income tax threshold in china is expected to rise to 5,000 yuan ($775.5) per month from the current 3500 yuan level, according to a draft amendment to the personal income tax law submitted to the 13th national people’s congress standing committee for deliberation on june 19th, which has attracted much attention.
this is the seventh tax law overhaul since the personal income tax code of 1980. several fundamental changes are revealed.
for the first time, the taxation is expected to cover all personal income, including salaries, wages, service remuneration, and royalties writers earn.
also for the first time, certain items are deductible from personal tax, for instance, the cost of children’s education and continuing education, medical fees for major diseases, interest on housing loans as well as housing rent.
other possible adjustments include improving the tax rate structure and introducing anti-avoidance clause, according to the draft.
last year, china's total tax revenue increased by 10.7 percent on a year-on-year basis to 14.4 trillion yuan, according to data from the ministry of finance.
meanwhile, tax revenue from individuals went up by 18.6 percent year-on-year to 1.2 trillion yuan, as official data has shown.