Date of issuance: February 18, 2008
Now announced is the "Decision of the State Council on Amending the Implementing Regulations of the Individual Income Tax Law of the People's Republic of China," which will come into effect from March 1, 2008.
February 18, 2008
Decision of the State Council on Amending the Implementing Regulations of the Individual Income Tax Law of the People's Republic of China
The State Council has decided to make the following amendments to the Implementing Regulations of the Individual Income Tax Law of the People's Republic of China:
1. Article Ten shall be amended to read: "Forms of personal income include cash, physical goods, securities, and other forms of economic benefits. For income in the form of physical goods, the taxable income amount shall be calculated based on the price noted in the receipt obtained; if there is no receipt for the physical goods or the noted price is significantly lower than market value, the taxable income amount shall be determined by reference to market prices. For income in the form of securities, the taxable income amount shall be determined based on both face value and market prices. For income in other forms of economic benefits, the taxable income amount shall be determined by reference to market prices."
2. Article Eighteen shall be amended to read...