Attachment: Relevant policies and regulations
Notice of State Taxation Administration of The People's Republic of China Municipality on Collecting Individual Income Tax on Auction Income of Paintings, Calligraphy and Antiques
Guo shui fa [1997] 154 No.
Local tax bureaus of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning:
Personal income tax on auction income of paintings, calligraphy and antiques. , through research, is now unified as follows:
Individuals will deduct the original value of their property and reasonable expenses from the income obtained from public auction of paintings, calligraphy and antiques, and pay personal income tax according to the item of "income from property transfer". The method of determining the original value of the property is as follows: if a complete and accurate certificate of the original value of the property can be provided, the original value of the property is the price indicated on the certificate; If a complete and accurate proof of the original value of the property cannot be provided, it shall be determined according to the price approved by the competent tax authorities or the price evaluated by the institutions recognized by the competent tax authorities. The tax shall be withheld and remitted by the auction unit.
September 23, 1997