CHINA China sets income tax threshold at 5,000 yuan

CHINA

China sets income tax threshold at 5,000 yuan

CGTN

02:30, September 01, 2018

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(Photo: CGTN)

China's lawmakers at the fifth session of the Standing Committee of the 13th National People's Congress voted on Friday to make amendments to the individual income tax law. 

It will be effective from January 1, 2019, but the basic standard deduction of income from wages or salaries, namely the minimum threshold for personal income tax exemptions, will be raised from the current monthly payment of 3,500 yuan to 5,000 yuan per month from  October 1 to release the reform dividend as soon as possible.

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