China Completes Reforms To Individual Income Tax Structure

By Samantha Tan BEIJING, March 7 (Bernama) -- China, which has completed reforms and amendments to individual income tax structure, will submit the plan for review by the top national legislature this year, Xinhua News Agency reported on Monday. Finance Minister Lou Jiwei said the amendment was not just about the threshold but also considered overall tax payer's income and spending on housing, education and elderly care, among others. The implementation would be done in phases as it was a complicated law, he was quoted as saying by Xinhua on the sidelines of the annual parliamentary session here Monday. Lou also said relevant laws needed to be amended to enable the personal income tax's reform. In 2011, China amended the individual income tax law and raised the monthly tax exemption threshold to 3,500 yuan (US$538) from 2,000 yuan (US$307). --BERNAMA