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News and
Information:
Gov't to Tax Individual
Auction Earnings
Xinhua News Agency April 27, 2007 - Chinese individuals will start
paying tax on earnings from auctioned paintings, calligraphy works,
porcelain, jade ware, jewelry, postal collections, coins, ancient books
and antiques from May 1, sources with State Administration of Taxation
said on Thursday.
According to a circular
released by the administration, earnings from auctions of private property
-- excluding manuscripts and their copies -- will be taxed at a rate of 20
percent. Earnings are defined as final auction prices after deduction of
commissions and the original value of the items.
A two percent tax will
be levied on properties certified by cultural heritage authorities as
cultural relics being brought back into China from overseas, the circular
says.
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