An article posted by the Shanghai Municipal Tax Service explained taxes on digital currency transactions in China. It sparked speculations regarding a potential relief of the stringent China crypto ban regulations. The explainer was titled “Common Misunderstandings Regarding Personal Income Tax on Business Income and Categorised Income.”
According to a report by the South China Morning Post, the guide garnered immense attention after being published on WeChat on Sunday, January 7, 2024. The document referenced a 2008 statement by the State Taxation Administration (STA). Thereafter, some mainland crypto content creators suggested that taxing these transactions signals that Chinese authorities acknowledge the legitimacy of cryptocurrencies.
China Provides Clarity On Rumors
The Shanghai tax service later deleted the disputable crypto tax guide from its public WeChat account. The attention grabbed by the Shanghai tax service’s explainer reflects the hope within Chinese crypto circles
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