NPC raises personal taxable income to ￥3,500

China's top lawmakers voted Thursday afternoon to give middle-tier Chinese income earners more tax exemptions by raising the threshold of taxable monthly income to 3,500 yuan, contrasting to the original 3,000 yuan proposed by the cabinet.

The move by the Standing Committee of the National People's Congress (NPC) is expected to win widespread acclaims from the public who have asked for a bigger reduction in taxes.

The Ministry of Finance has estimated that the government will have 120 billion yuan less income because of the amendment to the Personal Income Law. The measure is believed to instigate domestic demand as Beijing seeks more ways to grow the world's second largest economy.

People's Daily Online

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