[photopress:taxes.jpg,full,alignright]There is nothing certain but death and taxes. The State Administration of Taxation (SAT) states individuals whose income from real estate assets transference exceeds RMB 120,000 ($15,385) per year must pay personal income tax.
A circular released by the SAT clearly defined the income scope of individual income tax with a minimum of RMB 120,000 per year. According to the circular, annual individual income from labour services, franchise, personal asset lease, real estate transference, deposit interests, operating business and shares transference over RMB120,000 is libable for individual income tax.
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