5月个税增长12.3%，拆解个税收入增长之因

Group 1 - The core viewpoint of the articles indicates that individual income tax (IIT) revenue has shown a relatively fast growth this year, contributing significantly to the narrowing decline in national tax revenue [1][2][3] - In the first five months of 2025, IIT revenue reached 657.2 billion yuan, representing a year-on-year increase of 8.2%, which is higher than the national tax revenue growth rate of -1.6% during the same period [1][3] - The increase in IIT is attributed to several factors, including a low base from the previous year, rising incomes among middle and high-income earners, and strengthened tax administration [1][2][3] Group 2 - In Beijing, IIT revenue grew by 6.4% in the first four months of 2025, driven by increased tax payments from stock option exercises and year-end bonuses [2] - High-income earners, particularly those with annual incomes exceeding 1 million yuan, contribute significantly to IIT revenue, accounting for over 50% of total IIT despite representing only 1% of the total number of taxpayers [2] - The IIT revenue for the first five months of 2025 is comparable to the same period in 2022 and 2023, but lower than the pre-reform level in 2018 [3] Group 3 - The Ministry of Finance reported that securities transaction stamp duty reached 66.8 billion yuan in the first five months of 2025, marking a substantial year-on-year increase of 52.4% [4] - The projected IIT revenue for 2025 is estimated at 1.57 trillion yuan, with an expected year-on-year growth of approximately 6.3% [5]