The Circular Issued By The State Administration Of Taxation Requires Strengthening The Collection Of Personal Income Tax For High-Income Earners.

The reporter learned from the State Administration of Taxation on 17 th that the General Administration of Taxation issued a notice in recent days, calling for earnestly strengthening the collection and management of personal income tax for high-income earners.

The notice requests that we should continuously improve the collection and management of personal income tax on the main income items of high-income earners, and strengthen the collection and management of the proceeds of property pfer. These include: improving the collection and management of the share pfer of the shareholders of natural persons, strengthening the collection and pfer of the proceeds from the pfer of houses and the collection of auction proceeds, grasping the collection of other forms of property pferred by non monetary assets to assess the value added of foreign assets, obtaining shares and other forms of property pfer; deepening the collection and management of interest, dividends and dividends; and improving the collection and management of production and business income.

The notice also requested that we should continue to strengthen the collection and management of personal income tax for high-income industries and people, including strengthening the collection and management of people whose main source of income is non labor income, such as high income groups engaged in activities such as real estate, mineral resources investment, private equity funds, trust investment and so on. We should do well in the collection and management of wage earners in high-income industries, especially incentives such as various kinds of bonus, subsidy, stock options and restricted stock. We should collect and compare salaries and salaries of taxpayers from two or more than two places. We should collect and compare information through detailed declaration data, and improve the collection and management of larger amount of remuneration for labor remuneration; and strengthen the collection and management of high income foreign individuals.

The circular pointed out that we should establish and improve the monitoring system for the taxable income of the high income persons, and strengthen the application of tax related and internal tax related information acquisition and integration. Through the analysis and comparison of all kinds of tax related information, we should grasp the characteristics of the economic activities and the distribution of the tax source and the rules of income collection, so as to strengthen the collection and management of personal income tax for the high income earners.

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Personal tax amendment this week, the first trial of over 90% taxpayers or lightening the burden.

It has been reported that the draft amendment to the personal income tax law will be first examined in the twenty session of the Standing Committee of the eleven National People's Congress from 20 to 22 April.

If passed smoothly, the second instance will be held at the end of June, and the second instance will be passed in the second half of the year.

According to media reports, the deduction of the wage income tax is expected to be adjusted to 3000 yuan, and the tax structure is adjusted to 7 progressive tax rates. More than 90% of the taxpayers' tax burden will be reduced, and a very small number of high income tax will be moderately increased.