The Standing Committee of the 10th National People's Congress will deliberate on an amendment draft of the law on personal income tax during a six-day session to begin on August 23.
According to the amendment draft of the law, the income people can earn tax free will be raised to help relieve the burden on middle and low-income groups.
Liu Jibin, vice chairman of the NPC Financial and Economic Committee said yesterday the current law on personal income tax, which was officially implemented in 1983, has played a significant role in regulating income allocation and increasing the country's tax revenues.
"However, with constant economic development and the rapid improvement of living standards, the current law on personal income tax does not meet the needs of our citizens and should be amended," Liu said.
A draft law on animal husbandry will also be submitted to the 17th meeting of the 10th NPC Standing Committee for a first deliberation. The draft law on penalties for offenses against public order, the draft law on notary services and an amendment draft of the law on women and children's rights will be voted on during the upcoming meeting. A draft law on cooperation and a draft law on securities will be submitted to the upcoming session for a second deliberation.
(Xinhua)