Personal Taxes

The NPC MP suggests reducing revenue tax in half in northeast China

A man works in a workshop of Harbin Dongan Automotive Engine Manufacturing Co., Ltd. on February 25, 2021. in northeast China’s Heilongjiang Province. (Photo: Xinhua)

Income tax for residents of northeast China’s Heilongjiang, Jilin and Liaoning provinces should be cut by 50 percent, given the previous tax law and tax burden, Liaoning Province Deputy Governor Chen Xiangqun advised on Friday’s revision of the government’s labor report. according to the China Business Journal report.

China’s current income tax exemption is 5,000 yuan per month. According to the National Bureau of Statistics, the disposable income (DPI) for the third quarter of 2020 in Heilongjiang, Jilin, and Liaoning were 17,077 yuan ($ 2,623.72), 18,416 yuan and 24,640 yuan, respectively.

Chen also suggested that the central government give more support to three provinces in northeast China to boost the local economy and coordinate the development of the Beijing-Tianjin-Hebei region, China, Russia and Mongolia.

During the meeting, several MPs emphasized their focus and commitment to the future development of three provinces in northeast China.

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