Bill for Amendments to the PRC, Individual Income Tax Law (Draft)
中华人民共和国个人所得税法修正案 (草案)
July 25, 2018 | BY
Susan MokIssued: June 29 2018 Main contents: Article 1 is amended to read as follows: An individual who has a residence in China or who, although not…
Issued: June 29 2018
Main contents: Article 1 is amended to read as follows: An individual who has a residence in China or who, although not having a residence, is resident in China for at least 183 days (it is currently one year) in a tax year is a resident individual and he/she shall pay individual income tax on the income derived both inside and outside China in accordance herewith.
Article 3 is amended as follows: The individual income tax rates shall be as follows:
(1) a 3% to 45% progressive tax rate shall apply to aggregate income;
(2) a 5% to 35% progressive tax rate shall apply to business income; and
(3) a proportional tax rate of 20% shall apply to interest, dividend and extra dividend income, property lease income, property transfer income, incidental income and miscellaneous income.
Article 6 is amended to read as follows: Of the aggregate income of a resident individual, the balance derived from subtracting expenses in the amount of Rmb60,000 (it is currently Rmb3,500 per month), special deductions, special additional deductions and other deductions determined in accordance with the law from the revenue for a tax year is his/her taxable income.
issued:2018-06-29This premium content is reserved for
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