China considers cutting savings interest tax
28 June 2007
The Standing Committee of the National People's Congress (NPC) Wednesday began discussing a draft bill authorising the State Council to suspend or reduce the eight-year-long tax on interest in personal bank savings, in a bid to increase the profit of bank deposits for citizens, Xinhua reported (in Chinese). The draft bill was submitted on Wednesday to the ongoing 28th session of the NPC Standing Committee for deliberation. China began taxing interest on savings in November of 1999, from which it has so far collected US$28 billion.
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