China's top legislature reads draft amendment to individual income tax law

BEIJING, June 19 (Xinhua) -- The Standing Committee of China's National People's Congress Tuesday started to review a draft amendment to the individual income tax law at its bimonthly session.

The draft amendment increases the minimum threshold for individual income tax from 3,500 yuan (about 544 U.S. dollars) per month to 5,000 yuan.

The draft amendment adds special additional deduction for expenditures on child education, continuing education, serious illness, housing loan interest and housing rent.