Personal Tax News
- Govt to tax individual auction earnings from May 1
Date: 27-Apr-2007 Sources: (Shenzhen Daily)
Chinese individuals will start paying tax on earnings from auctioned paintings, calligraphy works, porcelain, jade ware, jewelry, postal collections, coins, ancient books and antiques from May 1, sources with State Administration of Taxation said on Thursday.
According to a circular released by the administration, earnings from auctions of private property -- excluding manuscripts and their copies -- will be taxed at a rate of 20 percent. Earnings are defined as final auction prices after deduction of commissions and the original value of the items.
A two percent tax will be levied on properties certified by cultural heritage authorities as cultural relics being brought back into China from overseas, the circular says.
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