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Income Tax Rates in China

Capital Gains

Table of Income Tax Rates in China for an Individual in 2008

Overseas Income

Reporting Dates and Payment
 

DEDUCTION OF TAX AT SOURCE

• Taxation of Employees
  An employer is obligated to deduct tax at source on a monthly basis from a salaried employee and to make additional contributions to social security.

• Social security in China consists of 3 parts, basic pension, personal accounts and additional payment.
• The rates for the basic pension are,employer - around 20%, employee - 7%.

Other deductions
The following payments are subject to a deduction of tax at source:

Definitions

There is not a single entry of “pajak” definition. “Pajak” in Indonesian is tax, taxes, or taxation - that is “perpajakan” in Indonesian. So “pajak” is actually the same terminology to “tax” in English.

Pajak is the contribution to the state or country authorities. In Indonesian context, according to the Article 23A of UUD 1945 (1945 Indonesian Constitution), pajak is a can-be-forced-to-be-collected contribution exposed on every single Indonesian citizens and/or everybody else lived in Indonesia for a certain period of time (usually 120 cumulative days in a twelve month period).

Pajak in the official Indonesian terminology, is referring to the central government taxes only. This term is officially not used in local governments or provincial taxation context. Those local authorities refers their taxes as local taxes or “pajak daerah”.

For each type of central tax there usually be a certain law. These laws are granted for a specific purposes.

[edit] The Indonesian Taxation Laws

There are eight base taxation laws in Indonesia:

• General Provisions and Taxation Procedures Law or Undang-undang Ketentuan Umum dan Tatacara Perpajakan - UU KUP in short, Law Number 6 of 1983 as secondly amended by the Law Number 16 of 2000;
• Income Tax Law or Undang-undang Pajak Penghasilan - UU PPh in short, Law Number 7 of 1983 as thirdly amended by the Law Number 17 of 2000;
• Value Added Tax (VAT) on Goods and Services and Sales Tax on Luxury Goods Law or Undang-undang Pajak Pertambahan Nilai atas Barang dan Jasa dan Pajak Penjualan atas Barang Mewah - UU PPN/PPn BM in short, Law Number 8 of 1983 as secondly amended by the Law Number 18 of 2000;
• Tax on Lands and Buildings Law or Undang-undang Pajak Bumi dan Bangunan - UU PBB in short, Law Number 12 of 1985 as first amended by the Law Number 12 of 1994;
• Tax Collection by Warrant Law or Undang-undang Penagihan Pajak dengan Surat Paksa - UU PPSP in short, Law Number 19 of 1997 as first amended by the Law Number 19 of 2000;
• Fees for The Acquisition of Rights to Lands and Buildings Law or Undang-undang Bea Perolehan Hak atas Tanah dan Bangunan - UU BPHTB in short, Law Number 21 of 1997 as first amended by the Law Number 20 of 2000;
• Tax Court Law or Undang-undang Pengadilan Pajak - UU PP in short, Law Number 14 of 2002;
• Stamp Duty Law or Undang-undang Bea Meterai - UU BM in short, Law Number 13 of 1985.

[edit] Basic Terminologies

These are the basic terminologies in Indonesian Taxation.

Taxpayers shall be individuals or statutory bodies which according to provisions of taxation laws, are stipulated to perform taxation obligations, including certain tax collectors or withholders.

Statutory bodies shall groups of persons, and/or capital which constitutes a unit, undertaking or not undertaking businesses, covering limited liability companies, limited partnership companies, other companies, state # or regional administration-owned companies in whatever names and forms, firms, joint companies, cooperatives, pension funds, partnerships, groups, foundations, mass organisations, social and political organisations or organisations of the same type, institutions, permanent establishments and other forms of statutory bodies.

Companies/entrepreneurs shall be individuals or statutory bodies in whatever forms which in their business activities or works/jobs produce goods, import goods, export goods, undertake trading businesses, utilize untangle goods from regions outside the customs area, provide services or utilize services from regions outside the customs area.

Taxable companies shall be the companies as meant in point 3 which deliver taxable goods or services subjected to the collection of tax on the basis of the Value-Added Tax Law of 1984 and its amendments, excluding small-scale businesses whose criteria are stipulated by the Minister of Finance, except small-scale businesses deciding to be validated as taxable companies.

Taxpayer Code Numbers shall be numbers given to taxpayers as means in the taxation administration which are used as personal identities or identities of taxpayers in exercising and fulfilling taxation rights and obligations.

Tax Period shall be a period whose duration is equal to one calendar month or other periods stipulated by a decision of the Minister of Finance at the maximum of 3 (three) calendar months.

Tax Year shall be the period of 1 (one) calendar year unless taxpayers use accounting years different from the calendar year.

Part of Tax Year shall be part of the period of one tax year.

Tax Due shall be amounts of tax which must be paid at a certain time, tax period, tax year or part of tax year according to provisions of taxation laws.

Tax Return is the form used by a Taxpayer to report the calculation and payment of tax due according to the provisions of tax law.

Periodical Tax Returns shall be tax returns for one tax period.

Annual Tax Returns shall be tax returns for one tax year or part of tax year.

Tax Payments shall be letters used by taxpayers to pay or remit tax due to the state cash through Post Offices and/or state- or regional administration-owned banks or other payment point appointed by the Minister of Finance.

Tax Assessments shall be letters of stipulation of tax covering. Underpaid-Tax Assessments or Additional Underpaid-Tax Assessments or Overpaid-Tax Assessments or Nil-Tax Assessments.

Underpaid-Tax Assessments shall be letters of stipulation of tax determining amounts of principal tax, tax credits, shortages of payment of principal tax, administrative sanctions and the remainder which must be paid.

Additional Underpaid-Tax Assessments shall be letters of stipulation of tax determining amounts in excess of tax payment because amounts of tax credits exceed tax due, or tax which should not be owned.

Overpaid-Tax Assessment shall be letters of stipulation of tax determining amounts in excess of tax payment because amounts of tax credits exceed tax due, or tax which should not be owned.

Nil-Tax Assessments shall be letters of stipulation of tax determining that principal amounts of tax are equal to amounts of tax credits or tax is not owed and tax credits are nil.

Tax Collection Letters shall be letters to collect tax and/or administrative sanctions in the forms of interest and/or fines.

Distress Warrants shall be letters of order to pay tax due and costs of collection of tax.

Tax Credits for Value Added Tax shall be input tax creditable after being reduced by the amounts of preliminary restitution of overpaid tax or after being reduced by amounts of tax already compensated for, which are deductible from tax due.

Tax Credits for Income Tax shall be tax paid by taxpayers themselves plus principal tax due in Tax Collection Letters because Income Tax for the currents year is not paid or underpaid, added by tax on income paid or owed abroad, minus amounts of preliminary restitution to overpaid tax which are deductible from tax due.

Independent works/jobs shall be jobs executed by individuals having special expertise in a bid to earn income not bound by certain working relations.

Audits shall be series of activities to seek, collect, process data and other kinds of information for testing the compliance with taxation obligations and for other purposes in the framework of the implementation of provisions of taxation laws.

Tax Guarantors shall be individuals or statutory bodies responsible for the payment of tax, including proxies exercising rights and fulfilling obligations of taxpayers according to provisions of taxation laws.

Book keeping/accounting shall be a recording process executed in an orderly manner to collect financial data and information covering property, liabilities, capital, income and costs as well as prices of acquisition and delivery of goods and services which are closed by compiling financial statements in the form of profit/loss balances and statements at the end of tax years.

Examination shall be a series of activities executed to evaluate the completion of Tax Returns and attachments including the truth of the writing and calculation.

Investigation into Taxation Crimes shall be a series of actions executed by investigators to seek and collect pieces of evidence for clarifying the taxation crimes as well as to find suspects.

Decisions on Rectification shall be decision correcting misprints, miscalculations and/or misapplication of certain provisions of taxation or Abolition of Administrative Sanctions, Decisions of Reduction or Revocation of Incorrect Tax Assessments or Decisions on Preliminary Restitution of Overpaid Tax.

Decisions on Objections shall be decisions on objections raised by taxpayers to tax assessments or tax withholding or collection by the third parties.

Decisions on Appeals shall decisions of tax arbitration courts on appeals against decisions on objections submitted by taxpayers.

Decisions on Preliminary Restitution of Overpaid Tax shall be decisions determining amounts of preliminary restitution of overpaid tax for certain taxpayers.

[edit] External links

• Official site of the Indonesian Taxation Authority
• FAQ Indonesian Taxation

Retrieved from “http://en.wikipedia.org/wiki/Taxation_in_Indonesia“

No.402/92/2006-MC (18 of 2008)Government of India / Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes

***

New Delhi dated the 3^rd April 2008

  PRESS RELEASE  

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Union of Myanmar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 2^nd April, 2008 during the visit of HisExcellency Maung Aye, Vice Senior General and Vice Chairman, State Peace and Development Council to India.  The Agreement was signed by Shri P.K. Misra, Chairman, Central Board of Direct Taxes on behalf of the Government of India and by Mr. Kyi Thein, Ambassador Extraordinary and Plenipotentiary of the Union of Myanmar to the Republic of India, on behalf of the Government of the Union of Myanmar.

The DTAA will cover in the case of India, income-tax and surcharge and in the case of Myanmar, the income tax and profit tax.  The DTAA provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment in the source state.  Examples of permanent establishment include a branch, factory, place of management, sales outlet etc.  Profits of a construction, assembly or installation projects will be taxed in the state of source if the project continues in that state for 270 days or more.  Profits derived by an enterprise from the operation of ships or aircraft in international traffic shall be taxable in the country of residence of the enterprise.  Dividends, interest and royalty income will be taxed both in the country of residence and in the country of source.  However, the maximum rate of tax to be charged in the country of source will not exceed 5% in the case of dividends and 10% in the case of interest and royalties.  Capital gains from the sale of shares will be taxable in the country of source.  The Agreement also incorporates provisions for exchange of information between tax authorities of the two countries and incorporates anti-abuse provisions to ensure that the benefits of the Agreement are availed of by the genuine residents of the two countries.

The Agreement will provide tax stability to the residents of India and Myanmar and facilitate mutual economic cooperation as well as stimulate the flow of investment, technology and services between India and Myanmar.

Taken From

http://incometaxindia.gov.in/archive/pr_rl8_04042008.doc

IR-2008-61, April 17, 2008

WASHINGTON — The Internal Revenue Service today announced its Political Activities Compliance Initiative (PACI) once again will be in effect for the 2008 election season. The PACI program seeks to educate section 501(c)(3) organizations such as charities and churches about the federal law concerning political campaign activity and to enforce the law in this area.

By law, organizations exempt from tax under Internal Revenue Code section 501(c)(3) may not “participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office.”

“We take very seriously our obligation to ensure that tax-exempt organizations have the information they need to make the right decisions about political campaign activities,” said Steven T. Miller, Commissioner of IRS’ Tax Exempt and Government Entities Division. “The vast majority of organizations want to do the right thing, and as in past years, we will continue our efforts to make sure they have the information they need.”

The prohibition against political campaign activity has been in effect for more than half a century and bars certain tax-exempt organizations from intervening on behalf of or in opposition to political candidates. However, these organizations can engage in advocating for or against issues and, to a limited extent, ballot initiatives or other legislative activities.

The IRS is making extensive efforts to educate 501(c)(3) organizations, political parties and candidates. Letters are being sent to the national political party committees explaining the law’s prohibition regarding charities and churches. In March, a letter was published in the Federal Election Commission’s monthly newsletter, asking candidates to ensure that their contacts with charitable organizations do not inadvertently jeopardize the tax-exempt status of any charity. The IRS has issued a news release on the subject in every presidential election year since 1992.

The IRS also has posted on its Web site a “program letter” to its Exempt Organizations employees. The letter explains the PACI objectives for 2008 and emphasizes the IRS’ priority both to educate the public and tax-exempt community about the law pertaining to political campaign intervention and to maintain a meaningful enforcement presence in this area.

Exempt Organizations Director Lois G. Lerner noted that PACI’s enforcement procedures will remain in the hands of career IRS employees who are experts in the tax law in this area.

“As in the past, we will continue to use existing procedures, including a committee of career civil servants, to determine which cases to pursue,” Lerner said.  “We will focus on cases involving allegations of egregious violations.”

Lerner said the IRS Exempt Organizations function plans a report on the 2008 election year which will be based on the experience of prior election cycles, and will continue working with the tax-exempt community to identify areas for additional guidance.

“By continuing to work closely with the tax-exempt community, we can provide guidance and education to help charities and churches comply with the law,“ Lerner said.  “We also must continue to monitor the actions of tax-exempt organizations involving political campaigns, in order to carry out our obligation to administer the tax law consistent with congressional intent.”

In June 2007, the IRS released a Report on the Political Activity Compliance Initiative for the 2006 election cycle. This report, PACI 2006, follows the report on prohibited political campaign intervention in the 2004 election cycle, which was issued in February 2006.

Taken From

http://www.irs.gov/newsroom/article/0,,id=181570,00.html

William (Bill) H. Gates is chairman of Microsoft Corporation, the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft had revenues of US$51.12 billion for the fiscal year ending June 2007, and employs more than 78,000 people in 105 countries and regions.

On June 15, 2006, Microsoft announced that effective July 2008 Gates will transition out of a day-to-day role in the company to spend more time on his global health and education work at the Bill & Melinda Gates Foundation. After July 2008 Gates will continue to serve as Microsoft’s chairman and an advisor on key development projects. The two-year transition process is to ensure that there is a smooth and orderly transfer of Gates’ daily responsibilities. Effective June 2006, Ray Ozzie has assumed Gates’ previous title as chief software architect and is working side by side with Gates on all technical architecture and product oversight responsibilities at Microsoft. Craig Mundie has assumed the new title of chief research and strategy officer at Microsoft and is working closely with Gates to assume his responsibility for the company’s research and incubation efforts.

Born on Oct. 28, 1955, Gates grew up in Seattle with his two sisters. Their father, William H. Gates II, is a Seattle attorney. Their late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International.

Gates attended public elementary school and the private Lakeside School. There, he discovered his interest in software and began programming computers at age 13.

In 1973, Gates entered Harvard University as a freshman, where he lived down the hall from Steve Ballmer, now Microsoft’s chief executive officer. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer - the MITS Altair.

In his junior year, Gates left Harvard to devote his energies to Microsoft, a company he had begun in 1975 with his childhood friend Paul Allen. Guided by a belief that the computer would be a valuable tool on every office desktop and in every home, they began developing software for personal computers. Gates’ foresight and his vision for personal computing have been central to the success of Microsoft and the software industry.

Under Gates’ leadership, Microsoft’s mission has been to continually advance and improve software technology, and to make it easier, more cost-effective and more enjoyable for people to use computers. The company is committed to a long-term view, reflected in its investment of approximately $7.1 billion on research and development in the 2007 fiscal year.

In 1999, Gates wrote Business @ the Speed of Thought, a book that shows how computer technology can solve business problems in fundamentally new ways. The book was published in 25 languages and is available in more than 60 countries. Business @ the Speed of Thought has received wide critical acclaim, and was listed on the best-seller lists of the New York Times, USA Today, the Wall Street Journal and Amazon.com. Gates’ previous book, The Road Ahead, published in 1995, held the No. 1 spot on the New York Times’ bestseller list for seven weeks.

Gates has donated the proceeds of both books to non-profit organizations that support the use of technology in education and skills development.

In addition to his love of computers and software, Gates founded Corbis, which is developing one of the world’s largest resources of visual information - a comprehensive digital archive of art and photography from public and private collections around the globe. He is also a member of the board of directors of Berkshire Hathaway Inc., which invests in companies engaged in diverse business activities.

Philanthropy is also important to Gates. He and his wife, Melinda, have endowed a foundation with more than $28.8 billion (as of January 2005) to support philanthropic initiatives in the areas of global health and learning, with the hope that in the 21st century, advances in these critical areas will be available for all people. The Bill and Melinda Gates Foundation has committed more than $3.6 billion to organizations working in global health; more than $2 billion to improve learning opportunities, including the Gates Library Initiative to bring computers, Internet Access and training to public libraries in low-income communities in the United States and Canada; more than $477 million to community projects in the Pacific Northwest; and more than $488 million to special projects and annual giving campaigns.

Gates was married on Jan. 1, 1994, to Melinda French Gates. They have three children. Gates is an avid reader, and enjoys playing golf and bridge.

Taken From

http://www.microsoft.com/presspass/exec/billg/bio.mspx

Wolfgang Amadeus Mozart was born to Leopold and Anna Maria Pertl Mozart in Getreidegasse 9 in Salzburg, the capital of the sovereign Archbishopric of Salzburg, in what is now Austria, then part of the Holy Roman Empire. His only sibling who survived past birth was his sister Maria Anna (1751-1829), called “Nannerl”. Wolfgang was baptized the day after his birth at St. Rupert’s Cathedral. The baptismal record gives his name in Latinized form as Joannes Chrysostomus Wolfgangus Theophilus Mozart. Mozart generally called himself “Wolfgang Amadè Mozart”^[1]as an adult, but there were many variants (see: Mozart’s name).

Mozart’s father Leopold Mozart (1719–1787) was deputy Kapellmeister to the court orchestra of the Archbishop of Salzburg and a minor composer.^[2] He was also an experienced teacher; in the year of Mozart’s birth he published a successful violin textbook, Versuch einer gründlichen Violinschule.^[3]

When Nannerl was seven, Leopold began giving her keyboard lessons. The three-year old Mozart looked on, evidently with fascination: his sister later recorded that at this age “he often spent much time at the clavier [keyboard], picking out thirds, … and his pleasure showed it sounded good [to him].”^[4] Nannerl continued: “in the fourth year of his age his father, for a game as it were, began to teach him a few minuets and pieces at the clavier. … he could play it faultlessly and with the greatest delicacy, and keeping exactly in time. … At the age of five he was already composing little pieces, which he played to his father who wrote them down.”^[5] Among them were the Andante (K. 1a) and Allegro in C (K. 1b).^[6]

Biographer Maynard Solomon^[7] notes that while Leopold was a very devoted teacher to his children, there is evidence that Wolfgang was motivated to make progress even beyond what his father was teaching him. His first independent (and ink-spattered) composition, and his initial ability to play the violin, were both his own doing and were a great surprise to Leopold. The father and son seem to have been close; both of the precocious episodes just mentioned brought tears to Leopold’s eyes.^[8]

Leopold eventually gave up composing when his son’s outstanding musical talents became evident.^[9] He was Wolfgang’s only teacher in his earliest years. He taught his children languages and academic subjects as well as music.^[10]

^{Taken From}

http://en.wikipedia.org/wiki/Wolfgang_Amadeus_Mozart

IR-2008-62, April 18, 2008

WASHINGTON — The Department of Treasury and Internal Revenue Service invite public comment on recommendations for items that should be included on the 2008-2009 Guidance Priority List. The Treasury Department’s Office of Tax Policy and IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance.  The Guidance Priority List focuses resources on guidance items that are most important to taxpayers and tax administration.  Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law.

The 2008-2009 Guidance Priority List will establish the guidance that the Treasury Department and IRS intend to issue from July 1, 2008, through June 30, 2009. 

In reviewing recommendations and selecting projects for inclusion on the 2008-2009 Guidance Priority List, the Treasury Department and the IRS will consider the following:

• Whether the recommended guidance resolves significant issues relevant to many taxpayers;
• Whether the guidance may be appropriate for enhanced public involvement through the process described in Notice 2007-17, 2007-12 I.R.B. 748;
• Whether the recommended guidance promotes sound tax administration;
• Whether the recommended guidance can be drafted in a manner that will enable taxpayers to understand and apply the guidance easily;
• Whether the IRS can administer the recommended guidance on a uniform basis; and
• Whether the recommended guidance reduces controversy and lessens the burden on taxpayers or the IRS.

Please submit recommendations by May 31, 2008, for possible inclusion on the original 2008-2009 Guidance Priority List.    

Information on how to submit recommendations can be found in Notice 2008-47. Taxpayers are not required to submit recommendations for guidance in any particular format.  Taxpayers should, however, briefly describe the recommended guidance and explain the need for the guidance.  In addition, taxpayers may include an analysis of how the issue should be resolved. 

All comments will be available for public inspection and copying in their entirety. 

Related Item:  Notice 2008-47

Taken From

http://www.irs.gov/newsroom/article/0,,id=181650,00.html

Background:
I attended a mid-size state university and received my bachelor’s degree in accounting. I later received my Certified Public Accountant designation by successfully completing a rigorous examination. For two years I worked for a small tax firm which specialized in complex individual taxpayer returns and smaller privately owned businesses. Before I received my appointment as an IRS special agent, I worked as a tax accountant for a large investment brokerage company. In this position, I worked on compliance related matters and conducted tax research for complex investment arrangements or transactions. For several years I also served as an enlisted soldier in the Army Reserve and National Guard assigned to infantry or cavalry units.

I chose employment with IRS Criminal Investigation after determining that I wanted a career in federal law enforcement with a focus in accounting, tax and related financial crimes. While there are many federal agencies such as the FBI, DEA, ICE and ATF, none but IRS Criminal Investigation provides the exclusive opportunity to investigate financial crimes. Furthermore, because financial schemes differ so greatly, IRS Criminal Investigation offers tremendous variety in the nature and type of investigations you conduct. It’s common to be assigned tax or money laundering schemes that involve different industries, varying degrees of complexity and sophistication, and violations of other criminal offenses. As an IRS special agent, it is your duty to conduct the financial investigation, find the money, and prove the crime.

I have been an IRS special agent for seven years and have truly enjoyed the experience. I enjoy the challenge of unraveling a sophisticated scheme in an effort to solve a financial crime. This pursuit has involved questioning witnesses at all levels of society, examining offshore records, conducting search warrants, performing surveillances, analyzing tax returns and bank records, travelling to foreign countries, reconstructing shredded documents, and conducting trash runs. Another satisfying part of the job relates to relationships that you build as a federal agent. The commitment toward a common cause, hard work, dedication, and camaraderie you develop with other IRS Criminal Investigation special agents, other law enforcement officers, prosecutors, and members of the public is another very satisfying aspect of the job.

However, the most personally and professionally satisfying aspect of being an IRS Criminal Investigation special agent is the service you perform for others. You do this job not for personal gain or reward, but for the privilege of serving the United States and its citizens. The job permits those fortunate enough to possess it, the opportunity to serve and be part of “something big.”

Taken From

http://jobs.irs.gov/lif_profiles.html

A tear escapes my desperate grasp
Just one answer is all I seek,
A frosty breath escapes my lips
The bitter cold breeze kisses my cheek,

Freshly fallen, angel soft snow
Surrounding my misery and tears,
The still and silence of this peacfull scene
Confirms my greatest fears.

The heat from one tear let go this night
Could set a soul on fire,
The steam rises as the tears decend,
Falling next to broken desire.

Bitter tears drown in the river of life,
Sorrow is the only thing known
As I listen to the silent pain
And the sound of being, alone.

By: Christina
Published in “From the Mountaintop”
ISBN-1-58235-140-6 Summer 2000

TaKEn fROm

http://www.geocities.com/wyomingfirespirit1/Poetry_Journey.html

Choosing the right career path is one of the most defining decisions we can make in life. Our job not only says a lot about what kind of person we are, but will influence what type of car we drive, what kind of house we live in, the people we associate with, and more. But above all these things, is the fact that we spend most of our waking moments at work!. Which means that if our job does not fulfill us or does not allow us to pursue our life goals, than it is not the career we should spend the rest of our life doing.

“What is it that you like doing? If you don’t like it, get out of it, because you’ll be lousy at it. You don’t have to stay with a job for the rest of your life, because if you don’t like it you’ll never be successful in it.” Lee Iaccocca Quote

This article by Michael Dylan may not be reproduced online in part or whole. Copyright © Woopidoo.com
Taken From

http://www.woopidoo.com/articles/dylan/career-path.htm