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China modifies I-T level

BEIJING: China’s top legislature ended its week-long bimonthly session on Saturday morning, approving the nomination of Minister of Commerce and adopting a number of bills, including one to raise the monthly individual income tax levy threshold.

Lawmakers voted to approve the nomination of Chen Deming, former governor of Shaanxi Province, as the Minister.

The amendment to the tax law raises the monthly individual income tax levy threshold from 1,600 yuan ($218) to 2,000 yuan.

The change was intended to ease the burden for low- and middle-income earners in light of recent increases in consumer prices. The amendment will take effect on March 1, 2008.

The law on individual income tax has been amended three times over the past five years.

In October, 2005, the Standing Committee of the National People’s Congress (NPC) amended it to raise the threshold from 800 yuan to 1,600 yuan. Last June, the legislature changed the law again to authorise the State Council to suspend or reduce the 20-per cent tax on interest earned on personal savings, depending on economic and social conditions. — Xinhua

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