Fwd: Tax on Savings interest in China

Macdonald Stainsby mstainsby at SPAMhotmail.com
Tue Aug 31 16:28:10 MDT 1999

China to Levy Tax on Savings Interest
(1999-08-31 08:19:32)

¡¡ China will soon levy a 20 percent tax on the interest on bank savings

¡¡ The country's top legislature Monday passed an amendment to the Law on
Personal Income Tax, making the interest from bank savings deposits no
longer exempt from taxation.

¡¡ According to a plan proposed by the State Council, the interest from
both yuan and foreign currency savings deposits in Chinese banks will be

¡¡ The money collected will be used to increase subsidies and allowances
for laid-off workers, enhance the minimum income of urban dwellers, and
replenish long-delayed pensions for the retired.

¡¡ According to Minister of Finance, Xiang Huaicheng, the levying of the
savings interest tax will help stimulate the consumer sector and narrow the
gap between the rich and the poor. ÿ ÿ ÿ

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