Circular of the State Administration of Taxation on Issues concerning Personal Income Tax on Interest Income Derived from Foreign Currency Deposits

Circular of the State Administration of Taxation on Issues concerning Personal Income Tax on Interest Income Derived from Foreign Currency Deposits

Guo Shui Han [1999] No. 698

October 25, 1999

The taxation bureaus of all provinces, autonomous regions, municipalities and cities specifically designated in the state plan,

In accordance with the Implementation Rules on the Levying of Personal Income Tax on Interest Income Derived from Deposits issued by the State Council, where the tax withheld by the obligor is denominated in a foreign currency, it should be converted into RMB in accordance with the standard RMB exchange rate announced by the People's Bank of China on the last day of the month preceding the date on which the payment is withheld, and turned over to the central treasury in RMB.
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