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CN Internet Platform Firms Report Identities/ Income Information of Operators & Practitioners; Individuals Earning <RMB120K Annually Can Be Exempt from Taxation
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Internet platform companies will formally report the identity and income information of operators and practitioners on their platforms for the first time, based on the Regulations on Tax-Related Information Reporting by Internet Platform Companies, according to People's Daily. The regulations specify that individuals engaged in delivery, transportation, home economics and other businesses on internet platforms who are legally entitled to tax incentives or exempt from taxation are not required to report income information. For practitioners such as courier with annual income below RMB120,000, they are generally exempt from individual income tax after deducting expenses and statutory deductions. AAStocks Financial News Website: www.aastocks.com |
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