Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Policy

China to further lower tax burden on individuals

November 21, 2019


Abstract : China will continue to reduce the tax burden on individuals by improving and better implementing the special individual income tax deduction mechanism.

BEIJING, Nov. 20 (Xinhua) -- China will continue to reduce the tax burden on individuals by improving and better implementing the special individual income tax deduction mechanism.

The mechanism had slashed taxes by over 440 billion yuan (about 62.5 billion U.S. dollars) for 250 million taxpayers in the first nine months of this year, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang Wednesday.

Launched in October 2018, special individual income tax deductions are designed to lower the tax burden for those who have certain expenditures. Those expenditures cover six areas, including children's education, continuing education, medical treatment for serious diseases, housing loan interests, rent and elderly care.

The meeting decided to further lower the tax burden on low- and medium-income groups. It passed a temporary decision to exempt those whose aggregate annual income is no higher than 120,000 yuan within a period of two years from the obligation to declare the settlement and payment of individual income taxes.

Scan the QR code and push it to your mobile phone

Keyword: China tax

Reading:

China terminates anti-dumping duties on pyridine imports from India, Japan

China to promote centralized medicine procurement, use to ease patients' burden

BRI emerges as most effective instrument of globalism, int'l development cooperation: Pakistani FM

Thai central bank: despite improvement, Thai economy still faces external risks

China beefs up efforts to facilitate implementation of foreign investment law, official

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial