Title: 80 million Chinese people no longer pay income tax | World Economic Forum
Headings: 80 million Chinese people no longer pay income tax
80 million Chinese people no longer pay income tax
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Content: 80 million Chinese people no longer pay income tax | World Economic Forum
Regional Agenda
China
Future of Economic Progress
Inclusive Growth Framework
80 million Chinese people no longer pay income tax
Chinese government increased the tax-free threshold for monthly personal income from $520 to $745. Image: REUTERS/Jason Lee - GF20000020395
Taxes. They’re the bedrock on which vital public services and infrastructure stand. From roads to hospitals, schools to national defence, taxation provides all the components of a well-ordered, properly functioning society. They are also one of the headline personal finance statistics individual citizens tend to pay most attention to; a small change to the government's approach here or there has a direct impact on people’s disposable income. And in China, millions of people have become especially aware of that connection. Image: Bloomberg/OECD
That’s because in October last year, the Chinese government increased the tax-free threshold for monthly personal income from $520 to $745 (3,500 to 5,000 yuan).