Beijing’s total amount of the individual income tax’s reduction and exemption may exceed 40 billion yuan(5.8 billion U.S. dollars) in 2019 by the government’s tax cut measures, according to Beijing Municipal Bureau of Finance on January 21, 2019.
The city’s finance department analyzed all Beijing citizens’ total amount of individual income tax will be monthly decreased by 4 billion yuan year-on-year, as a result of policy factors.
As the reform of individual income tax, the new policy helped Beijing citizens cut tax of totally nearly 7 billion yuan in November and December of 2018.
Beijing citizens in sci-tech service, commercial service, finance sectors etc got high amplitude of individual income tax reduction in 2018, disclosed the city’s finance department.
According to a survey made by interviewing work staff of 46 major large enterprises, the work staff generally reflected they had obtained tangible benefits; especially the low- and middle-income people saw a remarkable decline on their tax burden, so they had a high degree of satisfaction.