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Jan. 23, 2006 |
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| Explanation of Matters Related to Declaration of Taxpayer with Annual Income over 120,000 Yuan |
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Respectable Taxpayers:
According to relative regulations in Detailed Rules for the Implementation of the Individual Income Tax Law of the People's Republic of China, taxpayers with an annual income of over RMB 120,000 Yuan should go to local tax authorities to make tax declarations within three months after the end of the tax year.
For this end, the State Administration of Taxation issued a file named Notice on Issues Concerning Individual Income Tax Declaration (State Administration of Taxation¡¯s Issue: No. [2005] 207), which explained relative issues about tax declaration. According to the file, taxpayers with an income of over 120,000 Yuan earned in 2005 need not make tax declarations. However, if income derived from two or more domestic sources or from sources outside the People's Republic of China is taxable but the taxpayer has not paid individual income tax on such income, the taxpayer should make a tax declaration to the local tax authority.
As of Jan. 1, 2006, taxpayers with an income over 120,000 Yuan earned in the year should keep a detailed record of all earnings, and make declarations on such income to local tax authorities prior to the end of March 2007 according to the regulations.
Explanation is hereby given as above.
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Administration of Individual Income Tax
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