China is to lift the exemption threshold for personal income tax payments in an effort to redistribute the spoils of rapid growth and reduce a widening wealth gap.
The level at which Chinese citizens must pay income tax will be raised from Rmb2,000 ($305) per month to Rmb3,000, the finance ministry said on Wednesday.
Raising the threshold to this level will cut the number of taxpayers from about 400m people to 350m and reduce government tax revenue by about Rmb99bn.
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