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China – PRC Individual Income Tax Treatment of Sales of Personal Real Property
Summary : The State Administration of Taxation (SAT) recently issued a tax Circular (Guo Shui Fa (2006) No. 108 - Circular 108) to further clarify rules relating to the taxation of gains derived from the sale of personal real property and relevant calculation formulas under the PRC Individual Income Tax (IIT) rules. Subsequently, the Shanghai Municipal Tax Bureau also issued implementation rules for Circular 108. The circular and the implementation rules were both effective on August 1, 2006.
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