ecns [expanded by feedex.net]: 65% hope income tax reform could reduce burden: survey

ecns [expanded by feedex.net]

ecns

65% hope income tax reform could reduce burden: survey
http://www.ecns.cn/cns-wire/2016/11-04/232867.shtml
Nov 4th 2016, 16:46


ECNS Wire

(ECNS) -- Most people are anticipating a lowered personal income tax, according to a survey conducted by China Youth Daily.
The survey of 2,001 respondents shows that a total of 65 percent hope income distribution reform could reduce their tax burden, with the minimum threshold of taxation drawing the most attention with 70.2 percent concerned about it.
According to the survey, mortgages, education, child-raising and parent-support expenses are the top four factors among those that should be considered for tax reduction.
"The tax-paying starting point goes up every time there is a reform. I hope this time it's still the case," says Li Simiao, a corporate salary earner working in Shanghai.
Despite a salary of 8,000 yuan ($1,180) per month after tax, Li can only make ends meet due to high living expenses and rent in this super city. A higher threshold will give her more disposable income.
Between 2006 and 2011, the individual income tax threshold had been consistently raised from 800 yuan ($118) a month to 3,500 yuan. The survey shows 53.6% of respondents are looking forward to an even higher one.
There are yet different voices. "A higher threshold with a progressive tax rate means lessening the tax that high-income people are supposed to pay, which will cause a malfunction in regulating resource distribution," says Shi Zhengwen, head of Fiscal and Tax Law Centre from China University of Political Science and Law.
According to reports, the Ministry of Finance has completed a draft on individual income tax reform. Respondents hope that a fairer personal income tax system could be expected.
Last month, Chinese authorities denied that the country may raise personal income taxes on those earning more than 120,000 yuan ($17,755) a year, as netizens responded furiously to a possible tax increase on the country's emerging middle class.
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