Chinanews Client Beijing, April 1st (Reporter Li Jinlei) The first annual accounting in tax history has begun. On April 1, the State Administration of Taxation issued guidelines for the annual tax calculation of comprehensive income for personal income tax in 2019, which clearly stated that tax refunds can be waived, and tax repayments must be handled, otherwise late fees will be imposed.

Screenshot of a tax app.

When should the annual reconciliation be processed?

The State Administration of Taxation pointed out that taxpayers should handle annual reconciliations from March 1 to June 30 of the year following the year when comprehensive income was obtained. In other words, the annual reconciliation of the 2019 comprehensive income should be processed from March 1 to June 30, 2020.

If you need your unit to handle the annual comprehensive income calculation for 2019, you need to confirm in writing with the unit before April 30, 2020; if it is not confirmed within the time limit, you need to handle the annual account reconciliation by June 30, 2020.

If your total annual income in 2019 is less than 60,000 yuan but withholding tax, you can apply for a tax refund through the Internet in a simple way from March 1 to May 31. At this time, simply fill in or confirm your prepaid tax amount and your bank account information to quickly apply for tax refund.

What are the consequences of failing to handle the annual accounting on schedule?

If it is a tax refund, it is your right to apply for tax refund for annual accounting and you do not need to bear any responsibility. That is, you can waive the tax refund. If you give up the tax refund, you do not need to handle annual reconciliation.

If it is due to pay taxes, it is your responsibility to handle the annual reconciliation. If the taxpayer needs to make up for the tax (except for the exemption from the exchange that meets the requirements) and fails to handle the annual reconciliation of comprehensive income according to law, he may face tax administrative penalties and be credited to the personal tax credit file.

According to Article 62 of the Tax Collection and Administration Law, if the taxpayer fails to complete the tax declaration and submit the tax information within the prescribed time limit, the tax authority shall order a correction within a time limit and may impose a fine of less than 2,000 yuan; if the circumstances are serious, it may be punished by 2,000 yuan Fines up to 10,000 yuan, and taxes and additional late fees. The overdue payment will be charged an additional 5% of the overdue tax on a daily basis starting from the date of payment.

That is to say, if you need to pay taxes after the annual settlement report, please pay the taxes before June 30, 2020, otherwise you will face a late payment of five ten thousandths per day.

Individual tax information map. Photo by China Press Agency reporter Yin Liqin

How do I apply for an annual accounting report?

There are three main ways to handle annual reconciliation: do it by yourself, unit, and ask someone to do it.

One is to do it by yourself, that is, the taxpayer should do it by himself. Taxpayers can handle annual reconciliation by themselves through the mobile personal income tax app, the electronic tax bureau for natural persons, and other channels.

The second is the unit office, that is, the unit in charge of employment shall apply. You can ask the unit to help handle the annual reconciliation, or you can ask the unit how to handle it by mobile phone or the electronic tax bureau of natural persons.

The third is to ask people to do it, that is, to entrust tax-related professional service agencies or other units and individuals to handle it. To choose this method, you need to sign a power of attorney with the trustee. (Finish)