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China China Taxes Individual Income Tax China Individual Income Tax Law Amendment (Draft)
KNOWLEDGE|
1. Clause 1 of Article 6 is hereby amended and as follows: The taxable amount for monthly income from wages and salaries shall be the balance after deduction of RMB3,000 from the monthly income. At the sametime, the note to "Individual Income Tax Rates - Schedule 1" is also amended accordingly. |
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| 2. The term "within 7 days" is hereby amended as follows: "within 15 days". | ||||||||||||||||||||||||
3. The "Individual Income Tax Rates - Schedule 1" is hereby amended as follows:
(Note: The monthly taxable income from wages and salaries shall be the balance after deduction of RMB3,000 from the monthly income as stipulated in Article 6.) |
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4. The "Individual Income Tax Rates - Schedule 2" is hereby amended as follows (Applicable for income from production and business operations of individual industrial and commercial housholds and income from contract and leasing operations of enterprises and institutions):
(Note: The annual taxable income mentioned in this table refers to the balance of the gross amount in a tax year after deducting costs, expenses and losses in accordance with the provisions of Article 6 of this Law.) This amendment takes effect on. The Individual Income Tax Law of the Peoples Repubic of China will be revised in accordance with this amendment. |
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