| Abstract | The Individual Income Tax Law (IIT Law) was the first of the new tax reforms of the People's Republic of China (PRC) adopted by the Standing Committee of the National People's Congress on 31 October 1993. This reform in effect incorporated amendments to the old IIT Law, which was only applicable to foreign individuals, and consolidated into one law the taxation of wages and salaries, income from businesses operated by individuals and income derived by individuals from contract and leasing operations. The amended IIT Law, which came into effect on 1 January 1994, is now applicable to both foreign and PRC individuals. |
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