VAT rate of selling virtual currency

1. According to the official reply of the State Administration of Taxation on the issue of indivial income tax on the income of indivials from buying and selling virtual currency through the Internet (GSH [2008] No. 818), the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of indivial income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer". The original value of an indivial's property in selling virtual currency is the price and related taxes paid for his purchase of network virtual currency. If an indivial is unable to provide evidence of the original value of his property, the original value of his property shall be verified by the competent tax authorities.

2. The State Administration of Taxation emphasizes that the original value of an indivial's property in selling virtual currency, the price paid for his purchase of network virtual currency and related taxes. If an indivial is unable to provide evidence of the original value of his property, the original value of his property shall be verified by the competent tax authorities

according to the relevant sources of Beijing Local Taxation Bureau, the tax rate of indivial income tax calculated according to the "income from property transfer" project is fixed at 20%, and Beijing Local Taxation Bureau will also introce relevant measures to verify the original value of virtual currency property sold by indivials

about virtual currency:

virtual currency refers to the substitute currency circulating in the network virtual world. In addition to the virtual currencies issued by major online game companies with various names, Tencent Q currency is also widely used

at present, the online transaction in the virtual world has greatly exceeded people's imagination, and has formed a huge online transaction market of proction, supply and marketing. Moreover, a group of professional workers specialized in "coin printing" came into being; There are also special exchange shops for various game currencies.

3. In a recent reply to the Beijing Local Taxation Bureau, the State Administration of Taxation said that the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of indivial income tax, which should be calculated and paid according to the item of "income from property transfer"
according to the regulations, the income from property transfer is calculated as the amount of taxable income, which is the balance of the income from one-time transfer of property (no matter how many times it is paid, it should be merged into the income from one-time transfer of property) minus the original value of the property and reasonable expenses, and the tax rate of 20% is applied to calculate and pay indivial income tax.

4. The State Administration of Taxation announced on the 28th the "reply on the issue of personal income tax on the income of indivials from buying and selling virtual currencies through the Internet", which means that domestic indivials must pay personal income tax on the income they get from selling virtual currencies to others after they purchase virtual currencies through the Internet

in response to the Beijing Local Taxation Bureau's request for instructions on the issue of indivial income tax on the income derived from the sale of virtual currency through the Internet, the State Administration of Taxation has made the above reply, clearly stipulating that the income derived from the purchase of virtual currency through the Internet and the sale to others after the price increase belongs to the taxable income of indivial income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer"

at the same time, the State Administration of Taxation emphasizes that the original value of the property of an indivial selling virtual currency is the price and related taxes paid for his purchase of network virtual currency. If an indivial is unable to provide evidence of the original value of his property, the original value of his property shall be verified by the competent tax authorities

according to the relevant sources of Beijing Local Taxation Bureau, the tax rate of indivial income tax calculated according to the project of "income from property transfer" is fixed at 20%. Beijing Local Taxation Bureau will also introce relevant measures to verify the original value of virtual currency property sold by indivials, but there is no timetable for the implementation of the policy at present.

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7.

Online games purchase virtual currency can require invoice

According to the law of the people's Republic of China on the protection of consumers' rights and interests, Article 22 when providing goods or services, business operators shall issue invoices and other purchase certificates or service documents to consumers in accordance with relevant state regulations or commercial practices; Where a consumer demands a purchase certificate or service receipt such as an invoice, the business operator must issue it

Article 40 when purchasing or using a commodity, a consumer whose legitimate rights and interests are damaged may claim compensation from the seller. After the seller has made compensation, if the responsibility belongs to the procer or other sellers who provide the goods to the seller, the Seller shall have the right to recover the compensation from the procer or other sellers

The law of the people's Republic of China on the administration of tax collection stipulates that Article 56 taxpayers and withholding agents must accept the tax inspection concted by the tax authorities according to law, truthfully reflect the situation, provide relevant information, and shall not refuse or conceal

Article 57 When concting tax inspection in accordance with the law, the tax authorities shall have the right to investigate the situation of taxpayers, withholding agents and other parties concerned with paying taxes or withholding or collecting and remitting taxes from the relevant units and indivials, and the relevant units and indivials shall have the obligation to provide the tax authorities with relevant information and supporting materials

8.

Borrowing: raw materials

taxes payable - VAT input

borrowing: bank deposits

borrowing: bank deposits

borrowing: internal bank deposits

lending: trading financial assets

borrowing: fixed assets

taxes payable - VAT input

lending: bank deposits

borrowing: long term loans

lending: bank deposits

borrowing: accounts payable Salary

Loan: cash on hand

Loan: tax payable value added tax (input tax)

Loan: non operating income

Loan: tax payable value added tax (input tax)

other business cost / manufacturing expense / sales expense / management expense

Loan: accounts payable / bank deposit

extended data:

VAT payable = output tax - (input tax - transfer out of input tax) - export tax dection for domestic procts - tax dection + export tax refund

in order to account for the occurrence, dection, payment, tax refund and transfer out of VAT payable by enterprises, a detailed account of VAT payable should be set under the "tax payable" section, In addition, columns such as "input tax", "paid tax", "output tax", "export tax rebate" and "input tax transfer out" are set up in the "VAT payable" Sub Ledger

when an enterprise purchases materials or receives taxable services from China, it debits "material purchase", "in transit materials", "raw materials", "inventory goods" or "proction cost", "manufacturing expense", "entrusted processing materials" according to the amount recorded in the special VAT invoice that should be included in the purchase cost or the material cost of processing, repair, etc According to the dectible VAT indicated on the special invoice, the "administrative expenses" and other subjects are debited into the "tax payable - VAT payable (input tax)", and the "accounts payable", "bills payable", "bank deposit" and other subjects are credited according to the total amount payable or actually paid. For the return of purchased goods, the opposite accounting entry shall be made

9. According to the notice of the Ministry of Finance and the State Administration of Taxation on comprehensively promoting the pilot project of replacing business tax with value-added tax (CS [2016] No. 36), Annex 1 measures for implementing the pilot project of replacing business tax with value-added tax and the notes on sales services, intangible assets and real estate, it is stipulated that "(VII) life services... 3. Tourism and entertainment services
tourism and entertainment services, including tourism services and entertainment services
(1) tourism service refers to the business activities of organizing and arranging transportation, sightseeing, accommodation, catering, shopping, entertainment, business and other services according to the requirements of tourists
(2) entertainment service refers to the business that provides places and services for entertainment activities at the same time
specifically including: singing hall, dance hall, nightclub, bar, billiards, golf, bowling, recreation (including shooting, hunting, horse racing, game machine, bungee jumping, kart, hot air balloon, power umbrella, archery, darts)
therefore, the value-added tax should be paid according to entertainment services, with 6% for ordinary taxpayers and 3% for small-scale taxpayers.

10. 1. Sales of commemorative coins should pay VAT. 2. If it belongs to special commemorative coins issued by the state for commemorative activities such as the Olympic Games, World Expo, National Games, etc., such commemorative coins shall be sold. Business tax exemption. 3. For the sale of other ordinary commemorative coins, VAT and business tax should be paid at the same time.