摘要
China’s legislature passed the Individual Income Tax (ⅡT) revision bill in August, and aims to partially enforce the new code from October. The key revisions include a consolidated tax on selected sources of income, an increase in the basic deduction to CNY 5,000 from CNY 3,500, an adjustment in tax brackets favoring lower-income groups,and the introduction of special supplementary deductions. The new law is expected to reduce the tax burden on individual taxpayers, especially low-and middle-income groups, and improve income distribution.
China’s legislature passed the Individual Income Tax （IIT） revision bill in August, and aims to partially enforce the new code from October. The key revisions include a consolidated tax on selected sources of income, an increase in the basic deduction to CNY 5,000 from CNY 3,500, an adjustment in tax brackets favoring lower-income groups, and the introduction of special supple-mentary deductions. The new law is expected to reduce the tax burden on individual taxpayers, especially low- and middle-income groups, and improve income distribution.
