TaxPersonal TaxChina’s revised tax forms target stocks, property

China’s revised tax forms target stocks, property

High income earners in China have to declare profits from stocks and property transactions when filing tax returns from next year

The Chinese tax administration has allayed fears the new format of next
year’s tax form for high-income earners with incomes of more than yuan120,000
(?7891) a year signalled a new tax on stock trading gains.

The official
China
Securities Journal
reported the new tax form would require separate
disclosure of gains from property and stock transactions. Previously, these two
categories were undifferentiated in the ‘gains in property transfers’ category
of income.

Earnings from the A-share market are exempt from tax but earnings from
property transactions are subject to a 20% tax on the profits.

The state administration of taxation estimates about 1.63m mainland Chinese,
or 96% of those earning more than yuan120,000 a year, filed their tax returns
earlier this year, according to China’s first annual tax-return filing database
estimates.

Further reading:

KPMG enjoys dramatic growth in China

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter