New Amendment to Raise Tax Threshold

New amendment to raise tax thresholdAround 1.7 million people will be spared from paying individual tax in September when the State Council will approve an amendment that raises the monthly tax exemption threshold. The previous threshold was at 2,000 yuan while the new threshold will be 3,500 yuan.

Also the time limit for paying taxes was extended to fifteen days from the previous seven days. The new tax threshold applies to monthly payments of basic social insurance premiums, medical insurance, unemployment insurance and pensions.  This will bring up a personal income tax threshold of up to 4,545 yuan. Expatriates will still pay 4,800 yuan in taxes since there is no change in their tax threshold.

In September people that are earning 3,500 yuan a month only need to pay 125 yuan less. Those earning from 5,000 to 10,000 yuan can save from 280 yuan to 480 yuan.

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