(CRI English)
Updated: 2008-01-04 11:22

Beijing's high-income earners, particularly those who have investments in the stock exchange, are concerned about reporting their profitable stock earnings.

Starting January 1, people whose annual overall incomes exceed 120,000 yuan ($16,506) are required to fill out a form specifying whether the wealth comes from share transfers or personal housing sales.

The Beijing Evening News reported since share transfers take place frequently, some taxpayers complain that they couldn't make accurate calculations of their profits. Others hesitate to report their true profits, for fear of a potential tax collection on their stock incomes.

In light of the trend, Beijing's taxation authorities explained that the income gained from stocks and funds is exempt from taxes, according to a national regulation.

Meanwhile, the local taxation bureau also ensured that personal information remains strictly confidential.