Individual Income Tax Law amendments to be reviewed this week

The Standing Committee of China's National People's Congress (NPC) will review the Individual Income Tax Law Amendment (draft) this week, China Business News reported Monday.

If the draft passes the initial review, it will be reviewed for the second time by the end of June and be promulgated for implementation in the second half year, the report said.

Sources involved in the discussion of the individual income tax reform told the media that the general target of the reform is to significantly ease the tax burden for people with a monthly salary of less than 20,000 yuan, according to the report.

China's income tax threshold will be raised from 2,000 yuan to 3,000 yuan a month, China Securities News reported earlier.