In China's personal income tax system, in addition to the tax threshold, there are some tax relief projects that can help taxpayers reduce the tax payable. According to the latest policy, the tax reduction and exemption projects in 2023 mainly include the following aspects: 1. Additional deduction for children's education: the expenses for children under the age of 25 to receive preschool education, compulsory education, ordinary high school education, secondary vocational education, ordinary undergraduate education and education below in cities and towns (including parks) can be deducted according to regulations. 2. Additional deduction for continuing education: Taxpayers who accept continuing education fees can enjoy a certain deduction when calculating the personal income tax payable according to regulations. 3. Special additional deduction of housing loan interest and rent: Taxpayers can enjoy a certain amount of deduction of housing loan interest and rent expenses in accordance with the regulations if they meet the conditions. 4. Additional deduction for supporting the elderly: If there are elderly people over 65 years old in the family who do not enjoy the nursing services provided by social insurance or welfare institutions, taxpayers can enjoy certain additional deduction for supporting the elderly according to regulations. 5. Deduction of medical expenses for serious illness: Taxpayers can enjoy a certain deduction when calculating the personal income tax payable according to regulations. 6. Deduction for the transformation of patented technological achievements: The patented technological achievements independently developed and recognized by China National Intellectual Property Administration can enjoy preferential tax policies according to regulations after the technological achievements realize benefits. It should be noted that different relief projects have different restrictions and conditions. See relevant policy documents and People's Republic of China (PRC), State Taxation Administration of The People's Republic of China and official website for details. Taxpayers should abide by the relevant national tax laws and regulations when enjoying tax consulting services, and provide relevant certification materials truthfully to avoid unnecessary risks.
What are the restrictions on tax reduction and exemption projects? In tax reduction and exemption projects, different projects involve different conditions and limits. See relevant policy documents and People's Republic of China (PRC), State Taxation Administration of The People's Republic of China and official website for details. It is worth mentioning that taxpayers should meet certain conditions when enjoying the tax relief policy. For example, the special additional deduction for children's education needs to meet the requirements of education stage and education type, and the special additional deduction for housing loan interest and rent needs to meet the relevant requirements of housing area, purchase time and loan balance.
The tax relief project in 2023 mainly covers children's education, continuing education, housing, old-age care, serious illness medical care and the transformation of patented technological achievements, and the specific situation will be adjusted with the change of policies. It is suggested that taxpayers keep abreast of the latest tax policies, inquire about their eligible deductions, and declare in time according to regulations to ensure that they enjoy the corresponding preferential tax policies. At the same time, we must also abide by the relevant national tax laws and regulations, fulfill our tax obligations, and avoid unnecessary risks.
Legal basis:
Law of People's Republic of China (PRC) on the Administration of Tax Collection Article 1 This Law is formulated with a view to strengthening the administration of tax collection, standardizing tax collection, safeguarding national tax revenue, protecting the legitimate rights and interests of taxpayers and promoting economic and social development.