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Income earned by individuals in China from privately-owned businesses, sole proprietorship enterprises, or partnerships is generally subject to Income Tax at progressive rates from 5%
Income earned by individuals in China from privately-owned businesses, sole proprietorship enterprises, or partnerships is generally subject to Income Tax at progressive rates from 5% to 35%, as follows:
Annual taxable income (Chinese Yen - CNY) | Tax rate (%) |
0 to 15,000 | 5 |
Over 15,000 to 30,000 | 10 |
Over 30,000 to 60,000 | 20 |
Over 60,000 to 100,000 | 30 |
Over 100,000 | 35 |
- Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax.
- How much annual income tax you will have to pay if your monthly taxable income is CNY 8000.
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