The new tax law will be fully implemented in January 1, 2019, with a threshold of 5 thousand.

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 The new tax law will be fully implemented in January 1, 2019, with a threshold of 5 thousand.


According to the draft, the new tax law is to be fully implemented from January 1, 2019. From October 1, 2018 to December 31, 2018, the basic deduction expense standard of salary and salary income will be increased to 5000 yuan per month, and the new comprehensive income tax rate will be applied.

Several members attending the meeting said that the revised draft has been relatively mature and approved for deliberation and adoption of the meeting, and implemented as soon as possible, so that the people can enjoy the results of tax cuts as soon as possible.

The highlight of this tax reform is not only to raise the standard of basic deduction fees, but also to introduce the concept of special additional deduction into the tax system for the first time.

How do special supplementary deductions operate? A number of participants expressed high concern. Xu Shaoshi said that the scope, standard and implementation plan of the special additional deduction should be determined by the State Council and submitted to the Standing Committee of the National Peoples Congress for the record. The time is very urgent. It is hoped that the plan will be formulated as soon as possible and submitted to the Standing Committee of the National Peoples Congress for the record, so as to facilitate the smooth implementation of the individual tax law from January 1 next year. Song Kun said that the amount of pre tax special deductible items should be mastered. If this problem is not clear, this law may be discounted.

As for how to operate, Guo Lei suggested that it would be better to consider the main social contradictions of the current imbalanced development in China, and formulate corresponding standards according to the living standards of different areas, the level of maintenance and the level of living cities, and make clear the path and conditions.

In the group deliberations, some members suggested that the deductible items should be deducted separately.

Yang Zhenzhong took the special deduction for childrens education as an example. Without asking about the familys specific income, as long as there is a child in the education stage, the deduction is carried out according to a quota, which is relatively simple to operate and avoids holes and loopholes. He also suggested that parents who are supported by their children can be treated according to a certain quota. If several children are co supporting, they will be apportioned. The operation is simple and the fairness is guaranteed. While warmly welcoming the special additional deduction project to increase the expenditure of supporting the elderly, the participants also put forward suggestions that the future will be able to take the family as the tax unit as the reform direction. Bao Xinhe and the committee members said that, from the current conditions, it is still difficult to operate the family-based taxation, but in the long run, it is suggested to gradually realize the direction from individual taxation to family taxation. Yan Baoling, deputy to the National Peoples Congress attending the meeting, said that many developed countries and regions, including Hong Kong, have adopted the Levy method of joint declaration of husband and wife or family declaration, and suggested that the personal income tax on the mainland should be gradually transferred to the unit of husband and wife and family. Source: Peoples daily editor: Zhang Xianchao _NN9310

Yang Zhenzhong took the special deduction for childrens education as an example. Without asking about the familys specific income, as long as there is a child in the education stage, the deduction is carried out according to a quota, which is relatively simple to operate and avoids holes and loopholes. He also suggested that parents who are supported by their children can be treated according to a certain quota. If several children are co supporting, they will be apportioned. The operation is simple and the fairness is guaranteed.

While warmly welcoming the special additional deduction project to increase the expenditure of supporting the elderly, the participants also put forward suggestions that the future will be able to take the family as the tax unit as the reform direction.

Bao Xinhe and the committee members said that, from the current conditions, it is still difficult to operate the family-based taxation, but in the long run, it is suggested to gradually realize the direction from individual taxation to family taxation.

Yan Baoling, deputy to the National Peoples Congress attending the meeting, said that many developed countries and regions, including Hong Kong, have adopted the Levy method of joint declaration of husband and wife or family declaration, and suggested that the personal income tax on the mainland should be gradually transferred to the unit of husband and wife and family.