Guangzhou City, Supplementary Circular on Issues Concerning the Levy and Collection of Individual Income Tax on Personal Transfer of Real Property

Issued: December 12 2005
Effective: January 1 2006
Applicability: In the event of a conflict between previous related provisions and this Circular, this Circular shall prevail (Section Six).

Main contents: Apart from the levying and collection of tax through assessment, where taxpayers can provide legal and valid evidencing materials such as housing sale and purchase contracts and certificates for the original value of the property, individual income tax may, in accordance with the Individual Income Tax Law, be levied in light of the actual circumstances. The tax rate shall be calculated at 20% (Section One).
Related legislation: Guangzhou City, Circular on Strengthening the Administration of Individual Income Tax on the Transfer of Real Property in the City, 2005; PRC Individual Income Tax Law (3rd Revision), Oct 27 2005; Implementing Regulations for the PRC Individual Income Tax Law (Revised), Dec 19 2005; Circular on Several Issues Concerning the Implementation of Integrated Administration of Tax Collection on Real Property, 2005; Circular Concerning a Few Specific Issues in the Implementation of Real Property Tax Collection Policies, 2005; Circular on Issues Concerning Levy of Individual Income Tax on the Proceeds from the Sale of Residential Premises by Individuals, 1999 and PRC Administration of Tax Collection Law (Revised in April 2001), Apr 28 2001, CLP 2001 No.5 p.12 & CLP 1995 No.3 p.12