Thu, June 30, 2011
Business > Economy > China revises individual income tax law

China to adjust personal income tax, develop new economic powerhouse

2011-03-02 10:14:15 GMT2011-03-02 18:14:15(Beijing Time)  Xinhua English

BEIJING, March 2 (Xinhua) -- An executive meeting of China's State Council, the Cabinet, approved Wednesday the draft plan to amend the personal income tax law and a plan to accelerate development of the Chengdu-Chongqing economic zone.

The draft plan, aimed at benefiting middle and low-income groups, will be submitted to the Standing Committee of the National People's Congress, according to a document released after the meeting, which was presided over by Premier Wen Jiabao.

The document said that by 2015, the Chengdu-Chongqing economic zone will become an important economic powerhouse and a national industrial base.

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