Core Points - The article discusses the implementation of a deferred tax policy for personal pension accounts starting from January 1, 2024, allowing individuals to enjoy tax benefits at the contribution, investment, and withdrawal stages [3][4][5]. Group 1: Tax Benefits - Contributions to personal pension accounts are deductible from comprehensive income or business income, with a limit of 12,000 yuan per year [3]. - Investment income in personal pension accounts is not subject to personal income tax [3]. - Withdrawals from personal pension accounts are taxed at a rate of 3%, separate from comprehensive income [3]. Group 2: Application Process - Individuals can manage their personal pension tax deductions through the individual income tax app, where they can access a "one-stop" declaration feature [5][6]. - Users can either retrieve their contribution information directly from the pension management service platform or manually enter their contribution certificates for tax deduction claims [5][6]. Group 3: Information Verification - It is essential for individuals to verify their contribution data and consult the bank that opened their pension account if there are discrepancies [6][7]. - The app allows users to confirm their deduction information before proceeding with the tax declaration [7].

Group 1 - The article discusses the new personal pension tax deferral policy effective from January 1, 2024, which allows individuals to contribute up to 12,000 yuan annually to their personal pension accounts with tax deductions applicable at different stages [4] - Contributions made to personal pension accounts can be deducted from comprehensive income or business income, and investment income within these accounts is not subject to personal income tax [4] - Upon withdrawal, personal pensions will be taxed at a flat rate of 3%, separate from other income, which is beneficial for individuals [4] Group 2 - The article outlines various tax incentives for individual businesses, including a VAT exemption for small-scale taxpayers with monthly sales not exceeding 100,000 yuan or quarterly sales not exceeding 300,000 yuan from January 1, 2023, to December 31, 2027 [12] - Individual businesses with annual taxable income not exceeding 2 million yuan can enjoy a 50% reduction in personal income tax from January 1, 2023, to December 31, 2027 [13] - A range of taxes, including resource tax and urban maintenance and construction tax, will be halved for individual businesses from January 1, 2023, to December 31, 2027 [16]

Core Viewpoint - The article provides detailed instructions on how to use the new electronic tax bureau for various tax-related inquiries and operations, including checking general taxpayer qualifications, reporting deposit account information, and handling cross-regional tax matters. Group 1: General Taxpayer Qualification Inquiry - To check if a business has general taxpayer qualifications, users can access the new electronic tax bureau through two main paths: 1. Without logging in, click on "Public Services" and then "General Taxpayer Qualification Inquiry," entering the taxpayer identification number or name followed by a verification code [3]. 2. After logging in, navigate to "I Want to Query" > "One-Stop Query" > "Taxpayer Information Inquiry" [4]. - If no information is found, the business is not a general taxpayer [5]. Group 2: Reporting Deposit Account Information - Users can report deposit account information by logging into the new electronic tax bureau and selecting "I Want to Handle Tax" > "Comprehensive Information Report" > "System Information Report" > "Deposit Account Report" [7]. - Alternatively, users can search for "Deposit Account Report" in the search bar, click to add a new account, and enter the bank account information for submission [9]. Group 3: Cross-Regional Tax Matter Reporting - Businesses engaged in cross-regional operations can apply for a delay in reporting tax matters that have been issued but not verified or have been verified but not responded to [11]. - The process involves logging into the new electronic tax bureau, selecting "I Want to Handle Tax" > "Comprehensive Information Report" > "Tax Source Information Report" > "Cross-Regional Tax Matter Report" [12]. - Users can query existing reports, add new ones, or modify existing reports based on specific conditions [13]. Group 4: Delay Application for Cross-Regional Tax Matters - To apply for a delay, users select the report needing a delay and click on "Delay," which leads to a page for entering the new effective date of the contract [15]. - After submission, a success message will appear, and users can download the report form or return to the main interface [17].

Core Viewpoint - The recent announcement by the Ministry of Human Resources and Social Security regarding the taxation of personal pensions has sparked widespread discussion, particularly concerning the necessity of paying taxes on pensions upon withdrawal despite prior income tax payments during salary disbursement [1][2]. Summary by Sections Definition and Differences - Personal pensions are distinct from basic pensions, with the former being a supplementary retirement savings plan introduced in November 2022 and set to be fully implemented by December 2024. Participants can voluntarily contribute up to 12,000 yuan per year, which can be invested in various financial products and offers tax deductions at the contribution stage [2][3]. Taxation Mechanism - The taxation structure for personal pensions involves a 3% personal income tax on withdrawals, contrasting with the basic pension, which is exempt from such taxes. The deferred tax policy allows contributions and investment gains to be tax-free until withdrawal, enhancing the appeal of personal pensions [2][3]. Rationale for Taxation - The rationale behind taxing personal pensions at the withdrawal stage includes fairness and incentive considerations. Taxing this income helps prevent tax avoidance by high-income individuals while maintaining a low tax rate of 3% encourages participation in the pension scheme [3][4]. Financial Implications - For middle to high-income individuals, contributing to personal pensions can yield significant tax savings and serve as a form of enforced savings for retirement. In contrast, low-income individuals, especially those not subject to income tax, may find the scheme less beneficial due to the tax implications upon withdrawal [4][5]. Conclusion - The personal pension system is designed to enhance retirement security, requiring individuals to consider their income, investment capabilities, and retirement plans when deciding on participation and investment strategies [5].

Core Viewpoint - The article discusses the implementation of personal pension tax incentives in China, effective from January 1, 2024, which allows individuals to benefit from deferred taxation on their pension contributions and investment gains, with a specific tax rate applied upon withdrawal [4][5]. Summary by Sections Personal Pension Tax Incentives - Starting January 1, 2024, individuals can contribute up to 12,000 yuan per year to their personal pension accounts, which can be deducted from their taxable income [5]. - Investment gains within the personal pension accounts will not be subject to personal income tax until withdrawal [5]. - Upon withdrawal, individuals will pay a personal income tax of 3% on the amount received, which will not be included in their comprehensive income [5]. Tax Deduction and Reporting - Individuals must use the deduction certificates issued by the personal pension information management service platform to claim tax deductions [5]. - Taxpayers can choose to deduct their contributions either in the year they are made or during the next year's tax reconciliation [5]. - Banks managing personal pension accounts are responsible for withholding and remitting the applicable personal income tax when individuals withdraw their pensions [5]. Information Exchange and Compliance - A mechanism for information exchange between human resources and tax departments will be established to facilitate tax management related to personal pensions [6]. - Banks must ensure accurate reporting of taxpayers' pension account information to the tax authorities [6]. - Various government departments are required to cooperate closely to address any challenges encountered during the implementation of this policy [6]. Implementation Timeline - The policy will be uniformly implemented in 36 pilot cities from the date of the announcement [6].

Core Viewpoint - The article discusses the implementation of a deferred tax policy for personal pensions in China starting January 1, 2024, which allows individuals to benefit from tax deductions while saving for retirement [1][3]. Policy Highlights - In the contribution phase, individuals can deduct contributions to their personal pension accounts up to a limit of 12,000 yuan per year from their comprehensive or business income [1][3]. - In the investment phase, investment income credited to personal pension accounts will not be subject to personal income tax [1][3]. - In the withdrawal phase, personal pensions will be taxed separately at a rate of 3%, not included in comprehensive income [1][3]. One-Stop Declaration Process - The article outlines a simplified declaration process through the Personal Income Tax APP, allowing users to manage personal pension deductions without needing to download payment vouchers [2]. - Users can access their pension contribution vouchers starting from the 8th of each month for the previous month, and if there are issues, they can consult the bank that opened their pension account [2]. - The declaration can be submitted either through the withholding agent or via annual self-declaration, depending on the type of voucher [2].

Core Viewpoint - The Ministry of Human Resources and Social Security clarified that personal pension withdrawals are subject to a 3% personal income tax, which applies to the total withdrawal amount without distinguishing between principal and investment income [3][7]. Group 1: Tax Policy on Personal Pensions - The 3% tax on personal pension withdrawals is not a new requirement, as it was established in a previous announcement by the Ministry of Finance and the State Taxation Administration on December 13, 2024 [7]. - The personal pension system in China is a tax-deferred pension model, where contributions are deducted from the tax base at the time of payment, and taxes are levied upon withdrawal [8]. - The 3% tax rate is considered low compared to the marginal tax rates of most wage earners, which helps balance tax incentives with tax burdens [8]. Group 2: Implementation of Personal Pension System - The personal pension system was initially implemented in 36 cities in November 2022 and was fully rolled out nationwide on December 15, 2024 [8]. - Starting January 1, 2024, a deferred tax policy will be applied, allowing individuals to deduct contributions up to 12,000 yuan per year from their taxable income [9]. - Investment income within personal pension accounts will not be subject to personal income tax until withdrawal, further promoting savings for retirement [9].

Core Viewpoint - The announcement from the Ministry of Human Resources and Social Security outlines the implementation of personal pension income tax preferential policies, effective from January 1, 2024, allowing individuals to pay a 3% income tax on pension withdrawals without distinguishing between principal and investment income [1][4]. Summary by Sections Personal Pension Tax Policy - Starting January 1, 2024, individuals can deduct contributions to personal pension accounts up to a limit of 12,000 yuan per year from their comprehensive or business income [4]. - Investment income credited to personal pension accounts will not be subject to personal income tax [4]. - Upon withdrawal, individuals will pay a 3% income tax on the amount received, which will be classified under "wages and salaries" [4]. Tax Deduction Process - Tax deductions for personal contributions require a deduction certificate issued by the personal pension information management service platform [5]. - Individuals can choose to deduct contributions either in the year they are made or during the next year's tax reconciliation, depending on their income type [5]. Information Exchange and Compliance - A mechanism for information exchange between human resources and tax departments will be established to facilitate tax management related to personal pensions [5]. - Commercial banks must report the tax status of individuals with personal pension accounts accurately and in full detail [5]. Implementation in Pilot Cities - The new tax policy will be uniformly implemented in 36 pilot cities from the date of the announcement [6].

Core Viewpoint - The article discusses the implementation of a deferred tax policy for individual pension accounts starting from January 1, 2024, allowing individuals to deduct contributions up to 12,000 yuan per year from their taxable income [4]. Group 1: Tax Benefits of Individual Pension Accounts - From 2024, individuals can deduct contributions to their pension accounts from their comprehensive income or business income, up to a limit of 12,000 yuan per year [4]. - Investment income generated from the individual pension accounts will not be subject to personal income tax, allowing individuals to retain more earnings [5]. - Pension withdrawals will be taxed separately at a lower rate of 3%, rather than being included in comprehensive income [6]. Group 2: Operational Guidance for Tax Deductions - To enjoy the tax deduction benefits, individuals need to operate through the personal income tax app and obtain relevant certificates [8]. - The deduction certificate issued by the personal pension information management service platform serves as the tax deduction proof when enjoying the tax benefits [9].

Core Viewpoint - The article discusses the personal pension system in China, highlighting its structure, eligibility, contribution limits, tax benefits, and withdrawal conditions, aiming to provide clarity on how individuals can participate and benefit from this system [2][3][4][5][6][7][8][9][10][11]. Group 1: Personal Pension Overview - Personal pensions are a government-supported, voluntary, market-operated system that serves as a third pillar of pension insurance, supplementing basic and enterprise pensions [2]. - The system operates on an individual account basis, where contributions are fully borne by participants, allowing them to choose from various financial products [2]. Group 2: Eligibility and Participation - All workers participating in urban employee basic pension insurance or rural resident basic pension insurance in China are eligible to join the personal pension system [2]. - Retired individuals receiving basic pension benefits cannot participate in the personal pension system [2]. Group 3: Contribution Details - The annual contribution limit for personal pensions is set at 12,000 yuan, with the possibility of adjustments based on economic and social development [3][4]. - Participants can make contributions monthly, in installments, or annually, with flexibility to pause contributions if necessary [3]. Group 4: Fund Usage and Investment - Funds in personal pension accounts can be used to purchase approved financial products such as savings, investment products, commercial pension insurance, public funds, and government bonds [4]. - Participants can change their fund account bank and transfer funds as needed, ensuring that the original account cannot be used for contributions or purchases until all funds are transferred [4]. Group 5: Tax Benefits - Starting January 1, 2024, a deferred tax policy will be implemented for personal pensions, allowing contributions up to 12,000 yuan to be deducted from taxable income [6][7]. - Investment income within the personal pension account will not be subject to personal income tax, and withdrawals will be taxed at a flat rate of 3% [6][7][8]. Group 6: Withdrawal Conditions - Participants can withdraw personal pensions upon meeting specific conditions, such as reaching retirement age, total loss of labor capacity, or other state-defined circumstances [10][11]. - Withdrawals can be made monthly, in installments, or as a lump sum, with funds transferred to the participant's designated bank account [10][11]. Group 7: Inheritance of Personal Pensions - In the event of a participant's death, the assets in their personal pension account can be inherited [11]. - Funds will be transferred to the designated account of the participant or their heirs upon account cancellation due to reasons like emigration or death [11].