China’s National People’s Congress Issued New Individual Income Tax Law
China’s National People’s Congress issued the new Individual Income Tax Law (the “IITL”) on June 30, 2011, which will enter into force on September 1, 2011. The new IITL was modified based on the current IITL (issued on December 29, 2007) and the major changes were made as follows: 1. Taxable Threshold The minimum amount…