How much can I pay less for a tax? According to the announcement issued by the Ministry of Finance and State Taxation Administration of The People's Republic of China, different preferential tax policies are arranged for individual pension investment in the payment link, investment link and collection link.
In the payment link, it is deducted before tax according to the limit of 12000 yuan/year; In the investment link, the investment income is not taxed for the time being; In the process of collection, the payment and income are not incorporated into the comprehensive income, and the tax is calculated and paid separately at the rate of 3%. For example, the taxable income of Xiao Li's comprehensive income this year is 3 1 10,000 yuan. According to the 7-level excess progressive tax rate of 3%~45%, the highest tax rate he needs to pay is 25%, and the individual tax he needs to pay is 45,580 yuan. If Xiao Li buys a personal pension of 6.5438+0.2 million yuan this year, his taxable income will be reduced to 298,000 yuan, the highest tax rate to be paid is 20%, and the tax to be paid is 42,680 yuan, which is 2,900 yuan less than the original.
Personal pension fund accounts need to be closed, during which savings deposits, wealth management products, commercial pension insurance and Public Offering of Fund can be purchased. If income is generated, according to the current policy, personal income tax will not be levied temporarily.
When receiving personal pension, personal pension is not incorporated into comprehensive income, and personal income tax is calculated and paid at the rate of 3% alone. For people with higher income and higher tax rate than 3%, this is a more favorable policy when paying individual taxes.
Shi, director of the Finance and Tax Law Research Center of China University of Political Science and Law, said that in addition to preferential tax rates, Xiao Li enjoys tax exemption at this stage because of the "EET" mode of deferred tax payment. The temporary tax exemption during this period is actually equivalent to an interest-free loan to Xiao Li.
Note: In the "EET" mode, "E" stands for exemption, and "T" stands for taxation, that is, exemption in the payment link and investment link, and taxation in the collection link.
Can people who don't pay taxes enjoy preferential policies? For those who don't have to pay a tax, after buying a personal pension, they will not only enjoy a tax concession, but even pay more taxes.
"For groups that don't have to pay a tax, if the money that didn't have to pay a tax is used to invest in personal pensions, it will be necessary to pay a tax out of thin air during the extraction process, and the tax burden will be more." Dong Dengxin, a professor at Wuhan University of Science and Technology and a core member of the 50-member Forum on China's Pension Finance, said that at present, China does not levy personal income tax on personal investment, wealth management and fund income. If you invest in personal pension, you have to pay 3% tax on contributions and income when you receive it, which is not cost-effective for low-and middle-income groups.
In China, low-and middle-income groups still account for the majority, and a large part of them do not have to pay taxes. In 20 19, China promoted the tax reform, and adopted tax reduction measures such as raising the threshold, increasing special additional deductions, and reducing the tax rate of low-and middle-income people, which effectively reduced the tax burden of low-and middle-income people. In that year, 65438+150,000 people did not have to pay taxes.
The data shows that at present, only about 70 million people in China pay personal income tax, while there are about 700 million urban and rural laborers in China. In other words, about 90% of the labor force does not have to pay a tax and cannot enjoy the preferential tax policies for individual pensions.
"Judging from the current preferential tax policies, there is still room for further optimization and improvement of the personal pension system." Dong Dengxin said.
Experts suggest that tax incentives should pay more attention to fairness, especially for low-and middle-income groups.
At present, most people are still watching. How to break the hesitation?
Two experts put forward suggestions to further optimize and improve the policy.
Dong Dengxin:
In some countries, personal pension has two kinds of tax benefits: "EET" and "TEE". "EET" mode is the method adopted this time, which is tax-free in both payment and investment, and tax-free in collection. The "TEE" model is to levy taxes in the payment link, that is, personal income needs to be paid a tax normally, and then personal pension accounts are paid with after-tax wages, but no taxes are paid in the investment and collection links.
It seems that it is only the difference between paying taxes later and paying taxes first, but for groups whose income has not reached the tax threshold, choosing the "TEE" mode means that their tax amount is zero when they pay taxes normally, and they will no longer pay taxes in the investment and collection links.
In this way, these people can be tax-free in the three links of payment, investment and collection. Providing two tax benefit models of personal pension for different income groups to choose from, this system design will be more attractive, especially for the low-and middle-income groups that the personal pension system mainly faces, which will have a good positive effect.
Stone:
According to the current policy, if the annual personal pension expenditure of high-income earners with the first tax rate of 45% is10.2 million yuan, the tax rate equivalent to10.2 million yuan will be directly reduced from 45% to 3%, with a preferential margin of 42 percentage points. For the low-and middle-income people who originally applied the 3% tax rate, their tax burden was flat and did not reflect the preferential treatment.
From the perspective of financial affordability and sustainability, tax rates can be set for different income groups in the process of collection, which reflects fairness in the preferential range.
In addition, the current annual payment ceiling of 12000 yuan is too small. With the improvement of living consumption level, when an individual retires, the effect of receiving personal pension on improving the living standard in his later years may be limited. With the implementation of the system, we can consider increasing the payment amount according to the situation.
Jia Jiang, deputy director of the Pension Insurance Department of Ministry of Human Resources and Social Security, also talked about this issue at the 2022 Beijing Summit of the 50-member China Pension Finance Forum held recently. He said: "The preferential tax policy is 12000 yuan. At present, this amount is appropriate, which not only improves the income of the elderly, but also avoids the excessive gap in the level of pension benefits. With the improvement of social level and the improvement of multi-level and multi-pillar system, we will adjust the payment ceiling in a timely manner. "