Circular of the State Administration of Taxation on Printing and Distributing the Administrative Measures for Individual Income Tax Imposed on Saving Deposits Interest

Circular of the State Administration of Taxation on Printing and Distributing the Administrative Measures for Individual Income Tax Imposed on Saving Deposits Interest


Circular of the State Administration of Taxation on Printing and Distributing the Administrative Measures for Individual Income Tax Imposed on Saving Deposits Interest

Guo Shui Fa [1999] No.179

October 8, 1999

In order to put into effect the Implementation Measures for Individual Income Tax Imposed on Deposit Interest issued by the State Council and enhance the administration of individual income tax imposed on deposit interest, we hereby provide you with the Administrative Measures for Individual Income Tax Imposed on Saving Deposits Interest formulated by the State Administration of Taxation (the "Measures"). Please implement them accordingly.

Appendix:
Administrative Measures for Individual Income Tax Imposed on Saving Deposits Interest

Article 1 These Measures have been formulated in accordance with the Individual Income Tax Law of the People's Republic of China, the Tax Administration Law of the People's Republic of China and the Implementation Measures for Individual Income Tax Imposed on Deposit Interest issued by the State Council (the "Implementation Measures").

Article 2 For the purpose of these Measures, any individual who is liable to pay individual income tax on interest income received on a deposit shall be referred to as a taxpayer, and any deposit taking institution that pays such interest shall be referred to as a tax collecting organ (a "collecting organ"). Collecting organs shall be divided into the follow categories:
1.
  ......
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