New income tax policy mulled
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New income tax policy mulled
Author:xcd   Article source:  Hits:1415  Add time:2009-5-28  

   MOST employers in China will be required to submit a personal income declaration for all employees to local taxation authorities starting this year, the State Administration of Taxation said in a statement over the weekend.

    The employer must have paid more than 100,000 yuan (US$14,706) in total in personal income tax in 2008, it said.

    Universities are urged to enhance supervion over taxable income paid to its employees other than wages.

    At present, the administration requires individuals with an annual income of more than 120,000 yuan to fill in forms and pay income tax themselves.

    They are also required to list their gains from stocks and property transactions.

    The new policy is expected to help reduce the number of income tax dodgers and beef up tax collection as the country reported a sharp decline in tax revenue as a result of the global financial crisis in the first three months this year, the statement said.

    The first-quarter tax revenue dropped almost 7 percent to 1.4 trillion yuan, or 103.8 billion yuan less than the same period last year.

    China raised the individual income tax threshold from 1,600 yuan a month to 2,000 yuan March 1, 2008.

    Foreigners working in China have to pay personal income tax only if their monthly pay is above 4,800 yuan, up from the previous threshold of 4,000 yuan before 2007.

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