BEIJING, June 19 -- China's top legislature opened its bimonthly session on Tuesday to deliberate a draft e-commerce law and amendment to the Individual Income Tax Law as well as bills and reports.
Li Zhanshu, chairman of the National People's Congress (NPC) Standing Committee, presided over the meeting.
TAX THRESHOLD RAISED
Reviewing a draft amendment to the Individual Income Tax Law is one of the major tasks for the lawmakers and has drawn wide attention from the public.
The draft amendment raises the minimum threshold for personal income tax from 3,500 yuan (about 544 U.S. dollars) to 5,000 yuan per month.
The draft amendment adds special expense deductions for items like children's education, continuing education, treatment for serious diseases, as well as housing loan interest and rent.
Entrusted by the State Council, Finance Minister Liu Kun told lawmakers at Tuesday's opening of the session that the revisions were aimed at implementing decisions by central authorities and ensuring smooth individual income tax reform.
The changes are conducive to reducing the tax burden for taxpayers, raising people's incomes and boosting consumption, he said.
The amendment also adds an anti-tax avoidance clause, empowering tax authorities to adjust taxation when individuals transfer property in violation of independent trading.
REGULATING ONLINE MARKET
China's draft e-commerce law was submitted to the top legislature for a third reading, further regulating online market order and protecting consumer rights.
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