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Lawmakers pass bill on interest tax slash

(Xinhua)
Updated: 2007-06-29 15:27

Related readings:  Interest tax may be cut or suspended soon  A duo of measures considered to stop deposit outflow  Special bond issuance targets excess liquidity  Hot money inflows to be curbed

China's top legislature on Friday ratified the bill that would authorize the State Council to suspend or cut the 20-percent tax on interest earned on personal savings.

It was approved at the ongoing 28th session of the Standing Committee of the National People's Congress.