China mulls law to offer personal income tax cut

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Chinese legislators are discussing a draft amendment to tax law, which aims to offer tax relief for low-income households.

Lawmakers began to deliberate the draft amendment to the Individual Income Tax Law for the first time on Wednesday. The draft increases the minimum threshold for personal income tax from 2,000 yuan(306 U.S. dollars) a month to 3,000 yuan a month and cut the number of income tax brackets from nine to seven.