http://finance.sina.com.cn
23 August 2005
The revision draft
of IIT has been submitted to National People's Congress on 23
August for deliberation. The draft mainly amends 2 items: increase
the IIT starting point from RMB800 to RMB1500 and request the
high income group to file tax return on their own.
Areas needed to pay
attention are: employees' individual income higher than the standard
stipulated by the State Council should file tax return on their
own, those who fail to file or file dishonestly will be penalized
by 50% to 500% of the understated or unreported amount. In cases
where crimes have been constituted, the criminal liability will
be investigated. The withholding agency should file on behalf
of all the taxpayers according to the State regulation.
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