| China to build personal income tax files |
| Monday,October 10,2005 Posted: 10:42 BJT(0242 GMT) Xinhuanet |
BEIJING, Sept. 22 (Xinhuanet) -- China's tax authorities said it plans to build individual income tax files as part of efforts to prevent tax evasion. Under the Provisions on Personal Income Tax Management made public earlier this week by the authorities, China will set up a unified personal income information system. The State Administration of Taxation said it will pay more attention to high income earners, including employees in financial,securities and entertainment sectors. The identification card number of individual income payers will be the only identifiers of those files, according to the provisions. The provisions, which are composed of 59 articles in 10 chapters, offer detailed stipulations on the individual income file system, the mechanism on deduction of individual income tax by employers, and the system of report to tax departments by individual income tax payers and those who have the obligation to deduct the tax. An official with the administration said China's individual income tax revenues have been increasing rapidly in the past few decades thanks to the fast income growth of the country's residents. Tax departments, however, have difficulties in collecting due individual income tax as China has yet to put up an individual income monitoring system, said the official. |
| (Source: English Site of Kuching) |
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