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The draft amendment to China's individual income tax law would raise the minimum threshold for personal income taxes from thirty five hundred to fifty thousand yuan per month or 60,000 yuan per year. The draft also adds special deductions for such expenses as children's education, continuing education, some medical expenses, mortgage interest and rent.
The proposal stipulates that taxation is to cover all personal income including that from personal wages and salaries and writers loyalties. That's the revisions focus on content that's no longer suitable for China's continuing reforms.
