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China To Formulate Sharing Economy Taxes

by Mary Swire, Tax-News, Hong Kong

02 March 2017


A draft report by the National Development and Reform Commission has disclosed that China is formulating tax policies and regulations for the country's fast-growing sharing economy sector.

The report indicated that the rapid rise of the sharing economy, which connects private individuals who are offering and seeking services such as taxi and apartment-sharing via the internet, means that research into the appropriate tax policies (which could include income and value-added taxes) should also be accelerated.

It was said that 600m people were involved in China's sharing economy in 2016, with transactions worth RMB3.45 trillion (USD501.4bn). It is projected that the sector's annual growth rate will remain at around 40 percent, reaching more than 10 percent of the country's economy by 2020.

TAGS: individuals | compliance | tax | tax compliance | China | internet | regulation | services | BEPS

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