China's reduction in individual income tax has notably eased the burden on low-income groups, with over 70 percent of individuals having comprehensive income exempt from taxation in 2023, according to the data released by the State Taxation Administration on Tuesday.
According to the data, among the remaining less than 30 percent individuals who paid taxes in 2023, over 60 percent were subject to the lowest tax bracket of three percent.
China voted to adopt the revised Individual Income Tax Law in 2018 in an effort to pursue fairer income distribution.
The new law states that the minimum threshold for personal income tax exemption will be raised from 3,500 yuan (about 492 U.S. dollars) to 5,000 yuan (about 703 U.S. dollars) per month.
China's special individual income tax deductions are designed to lower the tax burden for those who have certain expenditures covering areas such as children's education, continuing education, medical treatment for serious diseases, housing loans, rent and elderly care.
"The individual income tax deduction has played an effective role in benefiting low-income groups. The tax payments based on comprehensive income have shown that the low-income groups pay little or no taxes thanks to the tax reform," said Li Ping, deputy director with the Institute of Tax Science of the administration.
"The 5,000 yuan threshold for personal income tax exemption stands at a comparatively high level globally, and can sufficiently cover the basic consumption expenditures. The current deductions for individual income tax in our country have evolved into a relatively comprehensive system, taking into account taxpayers' tax-paying capacity while also aligning with the nation's social and economic policies," said Li.
China's individual income tax reduction significantly alleviates burden on low-income groups
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
