Beijing, July 1 (IANS) About 60 million people in China will benefit from an increase in the monthly personal income tax threshold, an official said.
The number of people who have to pay personal income tax will go down from 84 million to 24 million, China Daily quoted Beijing News as reporting.
China’s top legislature Thursday adopted an amendment to the country’s individual income tax law, raising the monthly tax exemption threshold from 2,000 yuan ($307.7) to 3,500 yuan.
About 60 million people will be exempt from paying any personal income tax after the amendment, said Wang Jianfan, an official.
The adjusted threshold is 500 yuan greater than the amount originally proposed in a previous draft of the amendment, which was submitted to the National People’s Congress (NPC) Standing Committee Monday.
