(Yicai Global) July 23 -- China's cumulative loss in personal income taxes increased by CNY308 billion (USD447.5 million) in the first half of this year.

The drop came when 115 million low income earners fell off the rolls as the taxable-income bar rose to CNY5,000 per month from CNY3,500 on Oct. 1.

Personal income taxes thus fell by nearly 31 percent in the half in the largest-ever decline in various taxes in China, he said.

The per capita cumulative tax loss was CNY1,340 (USD195), Cai Zili, director of the Revenue Planning and Accounting Department of China's State Administration of Taxation, said at a press conference today.

The country's cumulative new tax drop was CNY1.04 trillion (USD151 billion) in the period.

Editor: Ben Armour