Does the reservoir need to pay personal income tax to cancel the contract compensation?

Need. The compensation for the termination of the contract of the reservoir needs to pay personal income tax.

The Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on Exemption of Individual Income Tax from One-time Compensation Income Obtained after the Labor Relationship between Individuals and Employers clearly stipulates that the one-time compensation income obtained after the termination of labor relationship between individuals and employers includes economic compensation, living allowance and other subsidies paid by employers.

Personal income tax shall be levied according to the item of "income from wages and salaries" for the income from one-time economic compensation obtained by individuals due to the termination of labor contracts.

Therefore, the compensation for the termination of the contract needs to be taxed.

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