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China ready to scrap or cut interest tax on bank savings: lawmaker |
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14:38, June 29, 2007 |
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
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