What Is Times Interest Earned?

Interest tax is a tax levied on people who earn interest income in Hong Kong. The scope of taxation includes interest obtained from bonds, real estate pawns, mortgage debits, deposits, loans, temporary payments, or other debts in Hong Kong. Taxation shall be taxed in accordance with regulations unless otherwise specified. There are two methods for determining the source of interest: credit test and operational test. The former applies to the determination of the source of business and personal interest, that is, the source of interest is determined based on where the lender delivers the loan to the borrower; the latter applies to the determination of the source of interest of banks and financial institutions, that is, based on the transaction and The place from which substantial profits are earned determines the source of its interest. ^[1]

Interest Tax

I. Pass

[1] State regulations,

The People's Bank of China has also joined the global central bank s joint interest rate cuts to rescue the market. China s actions are faster and faster than the market predicted. People's Bank of China decides to lower

Since November 1, 1999, China has

Xinhuanet, Beijing, July 20th. According to Article 12 of the Individual Income Tax Law, as amended by the 28th meeting of the Standing Committee of the Tenth National People's Congress, the State Council has decided to save as of August 15, 2007. The applicable tax rate for personal income tax on interest earned on deposits has been reduced from the current 20% to 5%. On October 9, 2008, the State Council decided to suspend the collection of personal income tax on interest income from savings deposits.

According to the Personal Income Tax Law amended in 1999 and the implementation method of levying personal income tax on interest income from savings deposits, China has resumed collecting personal income tax on interest income from savings deposits since November 1, 1999. In the eight years since the restoration of the collection of personal income tax on interest income from savings deposits, it has played an active role in rationally adjusting personal income and increasing fiscal revenue.