China's monthly personal income tax cutoff point is expected to
double, as the draft amendment to the personal income tax law is
hopefully approved by the top legislature.
The new threshold, 1,600 yuan (close to US$200), lifted from the
current 800 yuan, is higher than the originally proposed 1,500
yuan, which was put at the first-ever legislature hearing held last
month.
The draft amendment is due to be voted for adoption at the
ongoing 18th session of the Standing Committee of the National
People's Congress (NPC),
which began Saturday morning.
He Yongjian, an official with the Legislative Affairs Commission
under the NPC Standing Committee, said the adjustment of the tax
deduction point should fully consider not only public opinions, but
China's financial capability, and the present national
conditions.
The state coffer could afford the monthly personal income tax
deduction point of 1,600 yuan, and tax collection from high-income
groups will be intensified to refill the central finance, said
He.
The new cutoff point is only one deal concerning the people's
fundamental interests that lawmakers will clinch at the six-day
legislative session.
In the days to follow, lawmakers are also scheduled to
deliberate on the draft law on the quality and safety of
agricultural products for the first time, and continue to discuss
amendments to laws on corporation, securities, properties and
exempting foreign central bank's assets in China from judicial
enforcement.
The quality and safety of agricultural products is closely
related to people's health and life and the growth of agriculture
and rural economy in China, says Minister of Agriculture Du
Qinglin, when explaining the draft to the NPC Standing
Committee.
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The draft law comprises five parts including, among others,
defining the scope of agriculture products adjustment, establishing
quality and safety standards and the supervision system, according
to Du.
Li
Jinhua, China's top auditor, told lawmakers at the meeting that
a new clause has been written into the draft amendment. It reads
that audit organs are entitled to audit leading officials of
government departments, state-own enterprises and state-holding
companies and financial institutions concerning their performance
in fulfilling their duties in financial and related economic
activities during their terms.
To guarantee the independence of the audit organs and the
authenticity of the audit report, the draft amendment adds a new
clause to the audit law, which says that the appointment and
dismissal of chief auditors of audit organs at or above the
county-level shall be endorsed by audit organs at their immediate
higher level, rather than the local governments, said Li.
The State Council, or China's cabinet, tabled the international
document against corruption with the NPC, for ratification, nearly
two years after the government subscribed the United Nations
Convention against Corruption.
The convention "is conducive to the repatriation of corrupt
criminals fleeing??abroad and the recovery of Chinese
assets illegally transferred to foreign lands," Premier Wen
Jiabao said in a bill submitted to the legislature.
(Xinhua News Agency October 23, 2005)