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Chinese Authorities Dismiss Tax Reporting Fears

by Mary Swire, for LawAndTax-News.com, Hong Kong

20 November 2007


The Chinese authorities have rejected criticisms of changes to individual tax forms designed to increase the amount of detail required with regard to income from stock and real estate transactions.

The China Securities Journal has reportedly stated that the changes are simply a formality, and are 'not material.'

According to media reports, fears had been expressed that the change in format signalled a possible new tax on such gains.

Speaking to the Shanghai Daily this week, Joyce Xu, a tax partner at Deloitte commented that the move was simply another way for the country to improve its tax reporting system, stating that: "China wants to discover exactly how much these two items account for in the total of personal earnings."


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