Top 10 key economic movements in 2018
chinadaily.com.cn |
Updated: 2019-01-02 06:40
Share
Share - WeChat
Personal Income Tax Law amended
China raised the deduction baseline for the Personal Income Tax Law to 5,000 yuan ($725.88) per month on Oct 1, and added some special deduction items set to take effect on Jan 1, according to the Personal Income Tax Law amended on Aug 31.
The special deduction items include children's education, continuing education, severe illness expenses, and interest on mortgages and rent, which make the personal income baseline higher than 5,000 yuan.
