60m people exempt from paying tax after amendment
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China.org.cn, July 1, 2011
24 million people will have to pay personal income tax after China raised the monthly personal income tax threshold, compared with 84 million before the amendment of the income tax law, the Beijing News reported on Friday.
That means about 60 million people will be exempt from paying any personal income tax.
China's top legislature on Thursday adopted an amendment to the country's individual income tax law. The amendment raises the monthly tax exemption threshold from 2,000 yuan (307.7 U.S. dollars) to 3,500 yuan (538.5 U.S. dollars).
After the amendment, the Chinese government will get 160 billion yuan less in income tax revenue each year.
The previously proposed threshold was 3,000 yuan, but after public opinion was solicited by the NPC, it was lifted to 3,500 yuan.
