The interest generated from personal bank deposits is not subject to personal income tax.

According to the "Notice on Personal Income Tax Policies on Interest Income from Savings Deposits" and in line with the needs of national macro-control policies, and with the approval of the State Council, interest income from savings deposits will be temporarily exempted from personal income tax starting from October 9, 2008. Income Tax. That is, no personal income tax is levied on the interest earned on savings deposits before October 31, 1999; personal income tax is levied on the interest earned on savings deposits between November 1, 1999 and August 14, 2007, at a rate of 20%. ;

The interest earned on savings deposits from August 15, 2007 to October 8, 2008 is subject to personal income tax at a rate of 5%; the interest earned on savings deposits after October 9, 2008 (inclusive) Interest income derived from October 9) is temporarily exempt from personal income tax.

Extended information:

In Article 10 of the "Individual Income Tax Law of the People's Republic of China", taxpayers shall file tax returns in accordance with the law under any of the following circumstances:

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(1) Obtaining comprehensive income requires settlement and settlement;

(2) Obtaining taxable income without a withholding agent;

(3) Obtaining taxable income tax income, the withholding agent failed to withhold tax;

(4) Obtaining overseas income;

(Lianyan Five) canceled the Chinese household registration due to emigration abroad;

(6) Non-resident individuals obtain wages and salary income from more than two places in China;

(7) Other circumstances under which the State Council regulates leasing.

Withholding agents shall handle withholding declarations for all employees and in full in accordance with national regulations, and provide taxpayers with information on their personal income and withheld taxes.

State Administration of Taxation - Notice on Personal Income Tax Policies on Savings Deposit Interest Income