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Finance / Tax
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Personal Income Tax Rates in China |
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Written by Ralf Mostert
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Sunday, 02 September 2007 |
The Individual Income Tax Law (IIT) came into force on 1 January 1994. IIT is levied on individuals qualifying as resident for purposes of taxation. Generally, tax liability is dependent upon the period of time an individual spends in China and the source of that individual's income. For individuals resident in China less than 90 days: exemption from IIT is available where employment income is paid by an overseas establishment. Where the remuneration is paid by a China establishment, that part of employment income derived from working in China will be taxable. Where an individual is a resident of a country which has signed a double taxation avoidance treaty with China, in some cases the 90-day exemption period may apply for up to 183 days.
Individuals resident more than 90 days in China but less than a year, are subject to tax on their China-source income. However, a foreign individual who is a director, general manager or deputy general manager of a China-based enterprise is also subject to IIT on foreign-source income for services performed outside China. Individuals resident in China for more than a year, but less than five years, are subject to tax on both China-source and foreign-source income that is remitted to China. Finally, individuals resident in China for over five years are subject to tax on worldwide income, irrespective of whether the income is remitted to China. |
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Last Updated ( Sunday, 02 September 2007 )
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Provisional Regulations of China on Value-added Tax |
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Written by Ralf Mostert
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Saturday, 03 March 2007 |
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Here you will find the official Provisional Regulations of China on Value-added Tax. Browse the articles to get this information. |
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Last Updated ( Saturday, 03 March 2007 )
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Income Tax Law of PR of China for Enterprises with Foreign Investment and Foreign Enterprise |
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Written by Ralf Mostert
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Saturday, 03 March 2007 |
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Here you will find the official Income Tax Law of PR of China for Enterprises with Foreign Investment and Foreign Enterprise. Browse the articles to get this information. |
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Last Updated ( Saturday, 03 March 2007 )
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120K Self-Claim Tax in Details |
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Written by Ralf Mostert
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Sunday, 25 February 2007 |
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There is a new policy that people with income > 120K will need to claim tax by themselves. Who Should Follow the Self-Claim Routine?Anyone who have annual income above 120K RMB should self-claim his/her tax to the tax bureau from Jan 1 to March 31 from this year.
Personal annual income includes not only salary, it also include bonus, income for labor, interest, stock dividends, author's remuneration, copyright royalty, rent of property, transfer of property, accidental income and other income.
From the list, it seems any money that goes into someone's pocket should be claimed. There are some exception, but none of them seem to be common to normal people.
Tax rate for most of the items are 20%. |
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Last Updated ( Sunday, 25 February 2007 )
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Suzhou Random Photo
Party crowd
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