New rules to further improve and tighten individual income tax administration on equity transfer
Equity transfer by individuals has been one of the top focuses of Individual Income Tax (IIT) administration on high-income individuals. On 7 December 2014, the State Administration of Taxation (SAT) issued the (the SAT Public Notice  No.67, hereinafter referred to as Circular 67) to clarify IIT treatments on equity transfer by individuals, including scope of application, obligations and rights of transferor and transferee, timing of tax payment, tax base and deemed transfer price, etc. Circular 67 shall take effect from 1 January 2015.
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