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Finance minister calls for country's tax policy changes
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THE country's tax policy is flawed and changes will be made, Finance Minister Lou Jiwei said today in Beijing.
Lou said something is wrong with the policy if couples in some cities are divorcing in order to avoid a 20 percent tax on the profit from selling a second property. After a couple divorces, one of them can sell their second apartment tax free because it is considered a first apartment. Once the transaction is complete, such couples remarry.
“Any policy that can result in a tragicomedy is flawed,” Lou said during a break in the National People's Congress meeting. “We will consider collecting income tax on a family basis as we shift towards a comprehensive tax system in the next phase of reform.”
The finance minister said the income tax system also needs to be changed as it wouldn't be fair to raise the threshold on taxable income.
“A monthly salary of 5,000 yuan (US$817) is fairly good for people living by themselves but it is rather difficult if he/she has a child to support,” Lou said. “We should count income comprehensively and consider people's expenses at the same time.”
He said the ministry will consider offering tax rebates on expenses to care for elderly parents, children, education fees, and first home mortgages.
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