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Key issues:
Until now taxpayers have not been required to file self declaration tax returns in the People’s Republic of China. However, recent legislation has introduced a filing requirement for certain categories of taxpayer. On 6 November 2006 the State Administration of Taxation (“SAT”) issued a notice entitled “Procedures for Individual Income Tax (“IIT”) Self Declaration (Trial)”.The purpose of the notice was to clarify and introduce the new IIT procedures relating to those taxpayers who are required to complete self-declaration tax returns for income derived during the year. The Notice details the different categories of taxpayers who must comply with the regulations to assist the SAT in their efforts to combat tax evasion.
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