Income tax threshold to be raised_财经新闻

Income tax threshold to be raised

文章来源：文章作者：发布时间：2007-12-24 06:03 字体： [大中小]　进入论坛

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BEIJING, Dec. 23 - China is proposing to raise its monthly individual income tax levy¹ threshold from the current 1,600 yuan (217.69 U.S. dollars) to 2,000 yuan, according to a draft amendment² to the law on individual income tax.

The individual income tax threshold increase was believed to relieve the economic burden of medium- and low-income earners amid the recent price increase of some goods.

On Sunday, the draft amendment was submitted to the Standing³ Committee of the National People's Congress (NPC), China's top legislature, for deliberation.

Finance Minister Xie Xuren told the legislative⁴ session that "raising the threshold of individual income tax collection from 1,600 yuan to 2,000 yuan means a reduction of 30 billion yuan in state revenue".

However, the rise in personal income tax collection threshold would free 70 percent of income earners from paying income tax. The current threshold of 1,600 yuan makes 50 percent of income earners free from paying the tax.

Xie said "the increase of individual income tax collection threshold is within the country's financial bearing capacity and aims to relieve the economic burden of medium- and low-income earners."

China's consumer price index climbed 6.9 percent in November, marking the fourth consecutive⁵ month the index had been above six percent. Price increases for various goods have already placed a burden on common families.

The individual income tax cutoff point was raised from 800 yuan a month to 1,600 yuan starting in 2006. This was based on an investigation⁶ of the then citizen's consumption expenditure⁷ for basic living costs.

"Over the recent two years, citizen's basic consumption expenditure for basic living further increased. This required us to readjust the individual income tax starting point again," Xie said.

He predicted every income earner would bear an annual consumption expenditure of as much as 19,030 yuan, or 1,586 yuan per month, for a family's food, clothing, accommodation and transport. The expenditure was on a trend to further increase, therefore the individual income tax cutoff point was adjusted to 2,000 yuan a month.

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收听单词发音

1 levy
n.征收税或其他款项，征收额
参考例句：
They levy a tax on him.他们向他征税。 A direct food levy was imposed by the local government.地方政府征收了食品税。

2 amendment
n.改正，修正，改善，修正案
参考例句：
The amendment was rejected by 207 voters to 143.这项修正案以207票对143票被否决。 The Opposition has tabled an amendment to the bill.反对党已经就该议案提交了一项修正条款。

3 standing
n.持续，地位；adj.永久的，不动的，直立的，不流动的
参考例句：
After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。 They're standing out against any change in the law.他们坚决反对对法律做任何修改。

4 legislative
n.立法机构，立法权；adj.立法的，有立法权的
参考例句：
Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。 Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

5 consecutive
adj.连续的，联贯的，始终一贯的
参考例句：
It has rained for four consecutive days.已连续下了四天雨。 The policy of our Party is consecutive.我党的政策始终如一。

6 investigation
n.调查，调查研究
参考例句：
In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。 He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

7 expenditure
n.(时间、劳力、金钱等)支出；使用，消耗
参考例句：
The entry of all expenditure is necessary.有必要把一切开支入账。 The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。

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