About HKTDC | Media Room | Contact HKTDC | Wish List Wish List () | My HKTDC |
繁體 简体
Save As PDF Print this page
Qzone

China Looks to Ensure Comprehensive Individual Income Tax Liability Disclosure

In order to streamline the comprehensive implementation of the Individual Income Tax Law, which came into effect as of 1 January 2019 this year,  the General Office of the National Development and Reform Commission and the General Office of the State Administration of Taxation have jointly issued a Circular on Strengthening Credit Building for the Payment of Individual Income Tax (Fa Gai Ban Cai Jin Gui No. 860 [2019]).

Among the key aims of the Circular are the following:

  • Promoting transparency and full disclosure with regard to personal income tax returns
  • Enhancing the available personal tax liability tracking mechanisms
  • Establishing a system for identifying false or incomplete personal tax return data
  • Refining the reward / penalty mechanism with regard to fostering due tax liability disclosures
  • Guaranteeing the confidentiality and security of all supplied data
  • Ensuring tax reductions are properly allocated to those duly entitled

Source: National Development and Reform Commission

Content provided by Picture: HKTDC Research
Comments (0)
Shows local time in Hong Kong (GMT+8 hours)

HKTDC welcomes your views. Please stay on topic and be respectful of other readers.
Review our Comment Policy

*Add a comment (up to 5,000 characters)