Beijing Tax Bureau Announces Virtual Currency Tax Details
17173.com, 11/10/08
The Beijing Local Taxation Bureau has announced that it has begun accepting declarations of earnings from virtual currency transactions. The tax will be levied at 20% of taxable income, where taxable income is calculated based on the revenue earned from a transaction less the original price of the assets and appropriate expenses. If proof of the transaction details needed to calculate taxable income cannot be provided, then a tax of 3% will be levied against the total sales price.
Keywords: Beijing Local Taxation Bureau regulation Internet tax virtual currency
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