The Measures for the Implementation of Collection of Individual Income Tax (Revised in 2007)

The Measures for the Implementation of Collection of Individual Income Tax (Revised in 2007)

Order of the State Council of the People's Republic of China [2007] No. 502

July 20, 2007

(Published in the No. 272 Order of the State Council of the People's Republic of China on September 30, 1999 and amended in accordance with the Decision of the State Council on Amending the Measures for the Implementation of Collection of Individual Income Tax on Interest published in the No. 502 Order of the State Council of the People's Republic of China on July 20, 2007)

Article 1 The Measures are stipulated in accordance with the requirements of Article 12 of the Law of the People's Republic of China on Individual Income Tax.

Article 2 Individuals that earn the interest of saving deposits of RMB or foreign currencies from savings institutions within the territory of the People's Republic of China should pay the individual income tax in accordance with the Measures.

Article 3 The basis for calculating the individual income tax on interest income should be the interest income of RMB or foreign currencies deposits of tax payers.

Article 4 The individual income tax on interest income should be collected with a reduced tax rate of 5%.
　　......