Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map What's New?
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
China ready to scrap or cut interest tax on bank savings: lawmaker
+ -
14:38, June 29, 2007

 Related News
 China considers to suspend or reduce interest tax on bank savings
 China considers to suspend or reduce interest tax on bank savings
 Comment  Tell A Friend
 Print Format  Save Article
The draft bill that would authorize the State Council to suspend or cut the longstanding taxon interest earned on personal savings is likely to be adopted by China's national legislature when it ends its weeklong session on Friday.

Yang Jingyu, chairman of the Law Committee of the National People's Congress (NPC), said on Thursday that the majority of the150 lawmakers had agreed with the proposed authorization and suggested the bill be put to a vote in this legislative session.

Yang said the draft amendment to the income tax law said: "The imposure, suspension or reduction of interest tax on bank savings,as well as specific methods thereon, are subject to the decision of the State Council."

The existing provision adopted in August 1999 reads: "The timing and method of taxing interest earned on savings accounts are dependent on the State Council." Later that year, China began to levy a 20 percent tax on interest earned on personal savings.

Source: Xinhua



  Your Message:   Most Commented:

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90776/6201552.pdf