20th September, 2017
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China to enforce new income tax law in 2019

 

China is expected to fully enforce its new individual income tax law starting next year, according to a draft amendment to the current law, which Chinese lawmakers reviewed on Wednesday, people’s Daily reported.

From October 1 to December 31 this year, the minimum threshold for personal income tax exemption will be raised from 3,500 yuan ($ 513) to 5,000 yuan per month, as the draft indicated.

It also adds special expense deductions for items like caring for the elderly, children’s education, continuing education, treatment for serious diseases, and housing loan interest and rent.

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Xu Shaoshi, a member of the Standing Committee of the National people’s Congress, was quoted as saying in the people’s Daily report that the State Council, China’s cabinet, will decide the scale and standard for special expense deductions, which will then be placed on record in the committee. 「Time is limited,」 he noted.

Many committee members said the revised draft is more mature, according to the report, and they approved the revisions, hoping it can be implemented as soon as possible.

Individual income taxes were the third major contributor to China’s overall tax revenue, behind the value-added tax and enterprise income tax. In 2017, China collected individual income taxes worth nearly 1.2 trillion yuan, or about 8.3 percent of total tax revenue.

The current law has undergone seven revisions since it was passed in 1980, when the original threshold for individual income tax exemption was 800 yuan per month.

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Medical market in Nigeria

Source:Xinhua published: 2018/8/29 22:08:44

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Representatives of leading Chinese pharmaceutical companies are in Nigeria to find chances of cooperation with local partners.

A Chinese delegation, led by Tan Shengcai, secretary general of the China Chamber of Commerce for Import and Export of Medicines and Health products, on Tuesday attended a forum in Lagos, Nigeria’s economic hub, to learn about the market potential of the country.

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The visit will provide the delegation an opportunity to meet Nigerian counterparts to work on ways of doing sustainable business, Tan told the China-Nigeria pharmaceutical Trade and Investment Forum.

The delegation on Monday visited the Lekki Free Trade Zone, a brainchild of China-Nigeria industrial cooperation.

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China Tower invests in Laos

Source:Xinhua published: 2018/8/29 22:08:44

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State-owned China Tower, together with the Lao government and local company Click Lao Marketing and Consultancy, signed an agreement in the Lao capital to jointly establish the Southeast Asia Tower Co.

The Southeast Asia Tower Co will mainly be engaged in the construction, maintenance and operation of communication towers, power supplies and other supporting facilities, as well as indoor distribution systems and transmission systems in Laos.

According to the agreement, the shareholding ratio of the three parties is 70 percent, 15 percent and 15 percent, respectively.

The chairman and general manager of Southeast Asia Tower will be appointed by China Tower, the controlling shareholder, which will also lead the operation and management of the joint venture.

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