China's highest legislative body is scheduled to consider an amendment to the country's personal income tax law at a sitting later this month, the Xinhua state news agency has reported.
In a six-day session due to begin on August 26, the Standing Committee of the 10th National People's Congress (NPC) will review an amendment to the law on personal income tax which will raise the income tax threshold to give relief to low and middle-income workers.
Speaking on Monday, Liu Jibin, vice chairman of the NPC Financial and Economic Committee (FEC), stated that while the current law, implemented in 1983, had helped to achieve the government's goal of regulating income allocation and increasing tax revenues, it was now time for a change in the law to reflect the fast pace of economic growth and an increasing level of affluence among China's citizens.
"With the constant economic development and the rapid improvement of citizen's living standards, the current law on personal income tax cannot meet the actual needs and should be amended," he observed.
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