The National People's Congress passed new measures Thursday to ease taxes burden on the poor, AP reported. The new law eliminates income tax on those earning less than RMB 1,600 (US$198) a month from the previous RMB 800 level. Also passed were new securities and company laws to reduce the minimum registered capital required to set up a company, improve corporate governance and strengthen investor protection, the Wall Street Journal reported, citing An Jian, an official on the committee. The new laws were expected to take effect January 1.
Categories