On August 31, 2018, the Standing Committee of the National People’s Congress of China published the Amendments to the PRC Individual Income Tax Law (中华人民共和国个人所得税法) (the IIT LawReform) which will become effective on January 1, 2019. The IIT Law was last amended in 2011. Since then, the tax brackets, the corresponding tax rates and tax-deductible expenses have not been revised, even though the average household income and living expenses have significantly increased.
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