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Individual Income Tax Up Nearly 30% In 2007, Says SAT

by Mary Swire, Tax-News.com, Hong Kong

11 January 2008

According to newly released figures from the Chinese State Administration of Taxation, China's individual income tax revenue rose to 318.5 billion yuan last year, up 73.3 billion yuan or 29.9% from the previous year.

This followed the introduction of more stringent rules on reporting income and gains from stock and property transactions.

However, speaking at a recent press conference, Miao Huipin, an official in charge of income tax with the administration was quoted by state news agency, Xinhua as reiterating that:

"The country has not planned to levy tax on gains from the stock market, and the requirement is just meant to help collect information and data for the country's macro-control policies."

The Chinese stock market also reportedly experienced a boom period in 2007, with stock trading stamp duty revenue rising to 200.5 billion yuan, more than ten times the 2006 figure, according to Xinhua.

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