A draft amendment to the law on individual income tax, which
proposes to raise China's monthly individual income tax levy
threshold from the current 1,600 yuan (217.69 U.S. dollars) to
2,000 yuan, is expected to be put to a vote on Saturday.
It was submitted to the Standing Committee of the National
People's Congress (NPC), China's top legislature, for deliberation
on Dec. 23. The amendment was expected to be effective on March 1
next year.
Based on the suggestions of members of the NPC Standing
Committee, the NPC's Law Committee had proposed a draft resolution
on the draft amendment.
Yang Jingyu, NPC Law Committee chairman, delivered an
explanation of the draft resolution to lawmakers on Friday.
The individual income tax threshold increase was believed to be
"necessary and timely" to relieve the economic burden of medium-
and low-income earners amid the recent price increase of some
goods.
"The threshold could be readjusted in the future according to
legislative procedures and reality," Yang said.
The 31st session of the 10th NPC Standing Committee started on
Sunday and runs through Saturday.
In addition, six bills -- draft laws on labor dispute mediation
and arbitration, drug control, draft resolutions to the Law on Road
Transportation Safety, the Frontier Health and Quarantine Law and
the Law on the Protection of Cultural Relics, and a draft revision
of the Law on Science and Technology Progress -- were also expected
to be put to a vote at the end of the session.
On science and technology progress, lawmakers said the draft
amendment was "relatively mature" after deliberation and revisions,
according to Yang.
However, some NPC Standing Committee members suggested to add
one item into the regulations: "The government encourages and
supports basic research on agricultural technology and should
increase input on innovation in agriculture."
(Xinhua News Agency December 29, 2007)
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