The personal income tax threshold will be raised to 5,000 yuan! Share your thoughts.

A draft decision on amending the Individual Income Tax Law has recently been submitted to the National People’s Congress (NPC) Standing Committee for review. On the morning of August 29, the NPC Standing Committee conducted a group review of the draft.

According to the draft, the new individual income tax law is proposed to be fully implemented from January 1, 2019. From October 1 to December 31, 2018, the basic deduction for wages and salaries will first be raised to 5,000 yuan per month, and the new comprehensive income tax rates will apply.

Seven years later, the threshold has finally increased by 1,500 yuan! (On September 1, 2011, the personal income tax threshold of 3,500 yuan came into effect.)