China started implementing a new standard for individual income tax from October. The threshold for personal income tax exemption was raised from 3,500 yuan to 5,000 yuan per month or 60,000 yuan per year.
An ordinary Beijing taxpayer with a pre-tax income of 20,000 yuan, who is an only child, has one kid who goes to school and parents who are above 60, rents a home and studies for a master's degree on the job, can enjoy four special deductions starting from next year.
The income tax will be about 800 yuan, nearly 75 percent lower than the amount of over 3,100 yuan before October.
The expenditure range is so wide that most of taxpayers are eligible for one or several tax deductions, experts said.
However, as the deduction policy covers so many areas and involves complicated scenarios, new challenges facing tax collection and management will appear, which requires better social governance, said Tang Jiqiang, a professor at Southwestern University of Finance and Economics.
【国内英语资讯:China unveils special individual income tax deductions】相关文章:
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2020-09-15
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