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Tax Man Cometh: Beijing Launches Rules For Online Currency Transactions
November 13, 2008 |
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| Category: Law & Policy
Beijing Local Taxation Bureau has published tax collection rules for virtual and online currency transactions, which state that according to whether the individuals can provide income proof or not, they should pay tax at 20% of their profits or 3% of the total value of the transactions.
After the individuals gain income through virtual currency transactions, they should go to the tax department to pay the personal income tax within seven days from the day after the transactions. For those who can provide proof for the original value of the property, they will be charged at 20% of their profits; and for those who cannot, they will be charged at 3% of the total value of the transactions.
The purchaser of the transaction has the withholding obligation. However, in regards to how to monitor the virtual currency transactions, the Beijing Local Taxation Bureau has not worked out a detailed plan yet.
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