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Tax law draft closes public consultation

2015-February-4       Source: Chinadaily.com.cn

A draft law to provide taxpayers individual identification numbers has finished its public consultation round on Tuesday.

A draft law to provide taxpayers individual identification numbers has finished its public consultation round on Tuesday.

The new prospective law, drafted by the Ministry of Finance and State Administration of Taxation, will create a permanent taxpayer identification number (TIN) for individuals.

The move will pave ways for reforms on individual income taxes and property taxes, analysts said. Unlike most developed economies, which routinely issue such numbers to individuals, China assigns TINs only to enterprises.

According to the draft, "China shall establish and improve the tax credit system". Individual taxpayers will get a permanent taxpayer identification number that they will have to provide when signing contracts, paying social insurance premiums or registering real estate.

The reform on individual income tax, which is expected to be announced by the end of this year, aims at adding a series of criteria such as property income, equity investments and mortgage expenses into consideration, reported Southern Metropolis Daily on Wednesday.

 

Editor: Olivia

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