A decision has been reached by the Chinese government to increase the country's personal income tax threshold, it has emerged.
At present, the Personal Income Tax (PIT) income tax threshold is CNY2,000 (USD292.8) per month. However, the Chinese government has decided that this should be increased as part of the economic stimulus tax reforms currently under discussion.
The announcement was made by the government's head economist, Zhou Qiren, who is so far unable to reveal what the new rate of PIT will be.
Whilst announcing the government's intention to raise PIT, Zhou also suggested that the authorities should consider lowering the current 17% rate of value-added tax to 7%, although the government has yet to make further comment on this.
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