In 2018, the individual income tax rates in China were structured into seven brackets to accommodate different income levels. The rates ranged from 3% for the lowest bracket to a maximum of 45% for the highest earners. 😊💵 For instance, if your taxable income was between ¥3,000 and ¥12,000 per month, you would fall under the 10% tax rate bracket.
The tax system also included a basic deduction of ¥5,000 per month, which helped reduce the taxable income for many individuals. 🧮💰 Additionally, there were special deductions available for items like housing loan interest, children's education, and elder care, further lightening the tax burden for eligible taxpayers.
If you're curious about how these rates might apply to your specific situation or need advice on tax planning, consider reaching out for legal consultation. 💻📞 It’s always wise to stay informed about tax regulations to maximize your financial well-being! 💡💸