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08/06/11 - Feedback Sought for the Amendment to PRC Individual Income Tax Law

The website of National People's Congress of China released the Amendment to Individual Income Tax Law (Draft) and corresponding draft notes and hereby solicits public opinions.

The Draft revised the Item (1), Paragraph 1, Article 6 of the current Individual Income Tax Law to the following: "the balance of salary and wage incomes after deducting RMB 3000 shall be the taxable income." In addition, the Draft revised the time limit for withhold agents and taxpayers to declare and pay tax which is extended from currently seven (7) days to fifteen (15) days, in consistency with the tax declaration time prescribed for enterprise income tax, value added tax and business income tax.

This solicitation for public opinions will be closed on May 31, 2011.

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