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22 June 2018
China Client Alert | Taxation
On 5 March 2018, Premier Li Keqiang delivered a Government Work Report at the opening meeting of the first session of the 13th National People’s Congress (“NPC”), proposing the government’s key assignments for 2018, including individual income tax (“IIT”) reform. The Ministry of Finance (“MOF”) and State Administration of Taxation (“SAT”) then passed their draft Amendment to the PRC IIT Law (“Amendment”) to the NPC’s Standing Committee for preliminary review on 19 June.
The Amendment sets up a new IIT reporting system and makes other changes in response to China’s rapid economic development. The NPC, MOF, SAT and other government departments are still working on the detailed reform plan, which is expected to be fully released at the end of the year.
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