Q:
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What is the scope of the obligation to withhold?
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A:
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Taxable income subject to full individual income tax withholding and full filing includes.
1.
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income from wages and salaries;
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2.
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income from remuneration for services;
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3.
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Income from author's remuneration;
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4.
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income from royalties;
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5.
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income from interest, dividends and bonuses;
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6.
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income from property leasing;
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7.
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income from property transfer; and
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8.
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income from incidental gains.
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It can be seen from the above that "business income" is not included in the scope of withholding.
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Q:
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How is the business income acquired by an individual taxed?
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A:
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According to the Individual Income Tax Law and Notice No. 62 of 2018 of the State Administration of Taxation (SAT), individuals who receive business income from a partnership shall file their own tax returns.
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Q:
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Where should individuals self-report their income tax payment obligations?
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A:
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The actual place of filing is the place of business management of a partnership (e.g., business income from multiple sources)
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Q:
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What is the individual filing route?
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A:
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"Partner" declarations at the tax service hall (for advance tax declarations, annual remittance declarations, and consolidated annual declarations of income from multiple operations).
Self-declaration through the web-end of the ITS system (applicable to advance tax returns, annual remittance returns, consolidated annual returns of income from multiple operations).
Entrusting the "partnership" to handle the declaration through the ITS system withholding client on behalf of the company (applicable to prepayment declaration and annual remittance declaration), which is the recommended method by the tax authorities.
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Q:
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How do you declare income from interest, dividends and bonuses?
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A:
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Partnership investment in foreign interest or dividends, dividends, not incorporated into the enterprise's income, but separately as an investor's personal income from interest, dividends, dividends, according to the "interest, dividends, dividends" taxable items to calculate and pay personal income tax.
In practice, the investee enterprise of the partnership will be the withholding agent.
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