Core Viewpoint - The growth of individual income tax (IIT) revenue has been a significant factor in narrowing the decline of national tax revenue in 2025, with a notable increase in personal income contributing to this trend [1][3]. Group 1: Individual Income Tax Revenue - In the first five months of 2025, individual income tax revenue reached 657.2 billion yuan, reflecting an 8.2% year-on-year increase, which is higher than the national tax revenue growth rate of -1.6% during the same period [1][4]. - The individual income tax revenue for May 2025 was 119.6 billion yuan, showing a 12.3% year-on-year growth [1]. - The growth in individual income tax is attributed to the steady increase in residents' income, with the average disposable income per capita in the first quarter of 2025 being 12,179 yuan, a nominal increase of 5.5% [2]. Group 2: Factors Influencing Growth - The increase in individual income tax revenue is linked to rising incomes, particularly in regions like Beijing, where tax revenue grew by 6.4% in the first four months of 2025 due to factors such as stock option exercises and year-end bonuses [3]. - High-income earners, particularly those with annual incomes exceeding 1 million yuan, contribute significantly to the overall individual income tax, accounting for over 50% of total tax revenue despite representing only 1% of taxpayers [3]. - The low base from the previous year also contributed to the growth in individual income tax revenue [3]. Group 3: Future Projections and Trends - The Ministry of Finance projects that individual income tax revenue for 2025 will reach approximately 1.57 trillion yuan, with an expected year-on-year growth of about 6.3% [7]. - The ongoing strengthening of tax administration is expected to have a positive impact on revenue collection, as evidenced by recent actions against tax evasion [5]. - The performance of the stock market and the activity in the second-hand housing market are also seen as contributing factors to the growth in individual income tax revenue [5].