China is considering lifting the threshold for collecting individual income tax to 5,000 yuan (US$773.70) per month from the current 3,500 yuan, according to Xinhua news agency.
The plan has been written into an amendment of China’s personal income tax law and was submitted to the standing committee of the National People’s Congress for approval on Tuesday.
Meanwhile, some expenditure, like education for offspring, continuing education, fees for serious diseases, interest on housing loans and rent for housing, can be exempted from tax, according to Xinhua.
If it is approved, it will be seventh amendment of the law.
