Personal property auction proceeds into a tax levy of two
Reporter recently learned from the Guangzhou Local Taxation Bureau, recently, the State Administration of Taxation issued a “made to strengthen and regulate the individual Auction Revenue from individual income tax issues related to notice “(the” Notice “), specifically on the auction market for sale through a variety of personal property (including Calligraphy and painting , China , Jade, jewelry, stamps, coins, ancient books, antiques and other items) of income in accordance with personal income tax rate of 20%, the “notice” from May 1 began execution.
Items of income by two tax levies were
Under the “notice” provisions of the individual market through the auction sale of personal property should be distinguished from acquired two property types, respectively, according to “royalties income” and “transfer of property income” levy a tax:
First, the text of his original manuscripts or copies of works obtained from the auction, should transfer their deduction for income 800 (4,000 yuan transfer revenue of age) or 20% (the amount of transfer income over 4,000 yuan) the balance of the taxable income, according to “concession to use cost” items of income tax rates of 20% personal income tax. In addition to the individual auction
two originals and photocopies of written works and other property, shall be the property of their transfer income after deducting the original value and the reasonable cost of the balance of the taxable income, in accordance with the “transfer of property income” will apply to pay personal income tax rate of 20%. Which proceeds from the auction of personal property levy a tax to the final auction price of the property for the amount of transfer income.
The same time, personal property auctions for “transfer of property income” item when calculating taxable income, taxpayers with valid certificates (including tax authorities produced a formal invoice-related transaction documents or customs abroad Customs Documents, tax payment certificate, etc.) and deducted from the amount of transfer income corresponding original value of property, the auction process of property tax paid and the reasonable cost.
Auction unit is responsible for withholding
Under the “notice” requirement, the auction unit shall be responsible for withholding the proceeds of the sale of personal property tax payable for a tax auction to the local competent tax authorities for the unit tax returns. Withhold a tax auction unit tax should be paid to the taxpayer issuing the certificate and indicate in detail the name of each auction, auction prices, the amount of withholding tax.
Guangzhou Local Taxation Bureau said the city will strengthen the proceeds of the sale of personal property tax collection work, supervise the auction flat personal income tax withholding law. And will be organized in the near future about 50 city’s auction houses will hold policy propaganda, publicity counseling about tax policy.
According to reports, under the “notice” requirement if the taxpayer can not provide legal, complete, accurate and original value of property documents, can not correctly calculate the original value of property, and by 3% of transfer revenue to pay personal income tax collection rate; auction as determined by the cultural sector is the return of cultural relics from overseas, according to the amount of transfer income rate of 2% levy to pay personal income tax.
-
About the Author:
I am an expert from China Products, usually analyzes all kind of industries situation, such as wholesale ceiling fan , dc brushless fans.
Article Source