Core Viewpoint - The article discusses the new tax policy that allows individual industrial and commercial households to enjoy a 50% reduction in personal income tax for annual taxable income not exceeding 2 million yuan, effective from January 1, 2023, to December 31, 2027, thereby increasing the previous threshold from 1 million yuan to 2 million yuan [11]. Group 1: Tax Policy Details - The new policy aims to further support the development of individual industrial and commercial households by reducing their tax burden [11]. - The reduction applies to the portion of taxable income not exceeding 2 million yuan, allowing for cumulative benefits with existing tax incentives [11]. - The calculation for the tax reduction is embedded in the electronic tax bureau system, which automatically computes the tax relief for eligible taxpayers [13]. Group 2: Application and Compliance - Individual industrial and commercial households do not need to file for record-keeping to enjoy the tax reduction; they can simply fill out the relevant sections in their personal income tax declaration forms [13][14]. - The tax authority will provide pre-filled forms for those filing through the electronic tax bureau, simplifying the process for taxpayers [14]. - Taxpayers who have already made advance payments for their income tax can still benefit from the reduction, with options for tax refunds or offsets against future tax liabilities [15].