Legal basis: Notice on Issues Concerning Personal Income Tax on Enterprise Annuities and Occupational Annuities Article 3 Personal income tax treatment for receiving annuities 1. If an individual reaches the retirement age stipulated by the state, after the implementation of this notice, personal income tax will be levied in full according to the applicable tax rate of "income from wages and salaries"; After the implementation of this notice, the annuities received annually or quarterly shall be equally distributed to each month, and personal income tax shall be levied in full at the applicable tax rate of "income from wages and salaries". 2. Units and individuals who started to pay annuity contributions before the implementation of this notice, as well as individuals who received annuities after the implementation of this notice, are allowed to deduct the part of annuity unit contributions and individual contributions paid before the implementation of this notice and pay personal income tax from their annuities, and the balance is taxed according to the provisions of Item 1 of Article 3 of this notice. Individuals who receive an annuity by installments may deduct the taxable income of the current period according to the percentage of the annuity payment paid before the implementation of this notice, and calculate and pay personal income tax according to the provisions of Item 1 of Article 3 of this notice. 3. For the annuity personal account funds that individuals receive in one lump sum for settling abroad, or the annuity personal account balance received in one lump sum after the death of their designated beneficiaries or legal heirs, the recipients are allowed to allocate the annuity personal account funds or balance received in one lump sum to each month according to 12 months, and calculate and pay personal income tax according to the provisions of Item 1 and Item 2 of Article 3 of this Notice. Except for the above-mentioned special reasons, if an individual receives the funds or balance of an annuity personal account in one lump sum, it shall not be shared, but the total amount received in one lump sum shall be regarded as one month's salary income alone, and personal income tax shall be calculated and paid according to the provisions of Item 1 and Item 2 of Article 3 of this Notice. 4. When an individual receives an annuity, the tax payable shall be withheld and remitted by the trustee on behalf of the principal. The annuity account manager shall provide the trustee with the individual annuity payment and the corresponding individual income tax payment details in time. The custodian shall, according to the instructions of the trustee and the information provided by the account manager, calculate the tax payable of the withholding individual who receives the annuity treatment in the current period in accordance with the regulations, and report and pay it to the competent tax authorities where the custodian is located. 5. Units and annuity custodians that establish annuity plans shall, in accordance with the relevant provisions of the Individual Income Tax Law and the Tax Administration Law, implement detailed declaration of full withholding of all employees. The trustee has the responsibility to coordinate the relevant agents to handle the withholding declaration and provide relevant information to the tax authorities according to law.
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The above answer is only for the current information combined with my understanding of the law, please refer carefully!
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