Editorial: Government, Public Must Grasp Essence of Personal Income Tax Reform
China’s reform of personal income taxes is on the fast track.
In his government work report on March 5, Premier Li Keqiang said the government will raise the income tax threshold while allowing people to enjoy tax breaks in areas such as medical expenses and child education. Shortly thereafter, Finance Ministry officials told the media that the government will improve the taxation system by incorporating various means of income as the basis for taxes, a system known as “comprehensive taxation.” This tax system will co-exist with the existing system, which imposes different tax rates for different incomes.
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