Guangzhou raises minimum level of personal taxable income ( 2004-01-26 17:17) (Xinhua) Guangzhou, a economically leading city in south
China, has raised the minimum level of personal taxable income to 1,600 yuan
from former 1,260 yuan beginning Jan. 1 this year.
"From this February, when tax payers come to declare income for January, they
could enjoy the new tax policy," said an official with the local financial
department.
The 1,260 yuan taxable income standard includes two parts. One is the 800
yuan taxable salary which was set by the central government in 1994. The other
part is the subsidiaries and pensions which are exempt of tax.
With the rapid economic development and improving living standards over the
last few years, the call for raising the minimum level of taxable income has
been louder, but the central government has been cautious about that.
Some experts said that with varying economic development levels, a unified
tax standard is not enough. "Guangzhou's action is tally with the general
direction of China's tax reform," said Yang Weihua, member of the Chinese
Taxation Society and professor with the Zhongshan University.
In Beijing, the minimum level for taxable income has been raised to 1,200
yuan from former 1,000 yuan. In east China's Jiangsu Province, the level was
raised to 1,200 yuan from 1,000 yuan from January this year.
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