On December 25, my country's personal pension system was officially launched for one full month.
A few days ago, the Ministry of Finance and the State Administration of Taxation issued preferential policies, stipulating that starting from this year, the tax deferred preferential policy will be implemented for personal pensions.
Implementation of preferential tax deferred policies for personal pensions
According to the "Announcement on Personal Income Tax Policies Concerning Personal Pensions" issued by the Ministry of Finance and the State Administration of Taxation, starting from January 1, 2022, preferential tax deferred policies will be implemented for personal pensions.
In the link of payment, the individual's payment to the personal pension fund account shall be deducted from the comprehensive income or operating income according to the ceiling standard of 12,000 yuan per year; Personal income tax is collected; in the receiving process, the personal pension received by the individual is not included in the comprehensive income, and the personal income tax is calculated and paid separately at a tax rate of 3%, and the tax paid is included in the "wage and salary income" item.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: The core of individual pension plans is tax incentives.
Individuals who do not participate in the pension plan can also purchase these financial products, but you use the after-tax income to purchase financial products and cannot get tax benefits; this personal pension plan actually combines tax benefits and personal pension investment Bound in one piece, through this tax incentive, individuals are encouraged to actively participate in individual pension plans.
Experts said that under the increasingly severe situation of my country's aging population, it has become a consensus to improve self-protection awareness, plan for old age life early, and reserve pension funds reasonably.
For this reason, according to relevant regulations, as long as individuals are voluntary, they can fairly participate in the personal pension system, and when moving across provinces and regions, the rights and interests of individuals will not be affected.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: The scope of implementation of personal pensions mainly includes basic endowment insurance for urban employees, or basic endowment insurance for urban and rural residents.
In other words, all employees or residents participating in the national basic pension insurance can voluntarily participate in the personal pension plan.
Experts explain how to "defer" and "pay taxes"
Different from the basic pension insurance, the personal pension known as the third pillar of the pension is voluntary.
Experts believe tax benefits and return on investment are key.
So what exactly is a "deferred" discount, and under what circumstances do you "pay tax"?
First of all, in the payment link, the individual's contribution to the personal pension fund account shall be deducted from the comprehensive income or operating income according to the annual limit standard of 12,000 yuan.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: Everyone can deduct 1,000 yuan before tax a month, and 12,000 yuan for the whole year, which can be deducted every month or once a year.
If the applicable tax rate for this person is 20%, then you can save 2,400 yuan in taxes throughout the year; if the applicable tax rate for personal income tax is 30%, then you can save 3,600 yuan in taxes throughout the year.
It is deducted according to the facts in the payment link, so what about the investment link?
According to regulations, personal income tax is temporarily not levied on investment income included in personal pension fund accounts.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: If you do not participate in a personal pension plan, your investment income may be taxable.
If you have participated in a personal pension plan, the relevant financial institution will provide you with financial management and investment after getting your money, and this investment is long-term, 20 to 30 years, so in this case, your investment income, according to The current regulations are also tax-free.
The first two links are tax-free, under what circumstances do you need to pay tax?
According to the regulations, only in the receiving link, the personal pension received by the individual shall be calculated and paid at the individual income tax at a tax rate of 3%.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: Whether it is withdrawn monthly, annually, or one-time, the tax rate is actually the same, which is 3%, not like wages and salaries. For income, a progressive tax rate is adopted. The higher the income, the higher the tax rate, which actually gives certain benefits.
The "EET model" is implemented for individual pension tax benefits
In terms of stages, personal pensions are not taxed until the stage of receiving them. Experts say that this preferential tax policy for personal pensions implements the internationally accepted "EET model."
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: Generally speaking, the design of our personal pension plan this time adopts the so-called "EET model" from the perspective of taxation: E is tax-exempt (Exemption), T is taxable ( Taxation).
The first E means that the payment link is tax-free, the second E means that the investment income of personal pension investment is tax-free, and the third T means that when an individual withdraws pension from the pension plan, it is taxable, but The tax rate is very low, only 3%, which is only equivalent to the first tax rate of personal income tax comprehensive income, which is 3%.
According to the "EET model", assuming that a person's annual taxable income is 250,000 yuan, and the annual personal pension payment is capped at 12,000 yuan, this person can now pay 2,400 yuan less tax; when receiving after retirement, the tax rate is 3%. The tax payment is 360 yuan, and the tax difference is about 2,000 yuan.
Not only that, experts said that even if the tax rate is the same, which is the first 3% tax rate, the benefits paid now and paid in 20 or 30 years are completely different.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: In fact, you may pay taxes at 3% after 20 or 30 years. Here, individuals can obtain the time value of money, and individuals can also obtain the benefits of compound interest.
In other words, from a financial point of view, the present value of this pension tax payment is relatively low. For example, if you pay 500 yuan in personal income tax, then you pay 500 yuan in personal income tax now, which is the same as your two or three yuan. Ten years later, paying 500 yuan in personal income tax will have a completely different value.
Therefore, postponing personal tax is a very important benefit of personal pension plans.
36 pilot projects: lower tax rate, more product choices
A few days ago, the Ministry of Human Resources and Social Security, the Ministry of Finance and other three departments announced that 36 leading cities and regions including Beijing and Tianjin started to implement the personal pension system.
This is an expansion on the basis of the previous three pilot projects. Not only are there more pilot projects, the tax rate is lower, and the product choices for implementation are also more abundant.
On April 2, 2018, the Ministry of Finance and other five departments announced the "Notice on Launching the Pilot Program of Individual Tax-Deferred Commercial Pension Insurance". Taxpayers such as individuals who receive labor remuneration, individual industrial and commercial households, and investors in sole proprietorships can purchase the insurance.
On April 25, 2018, the "Guidelines for the Development of Individual Tax-Deferred Commercial Pension Insurance Products" formulated by the China Banking and Insurance Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation was released.
On June 6, 2018, the first batch of tax-deferred pension insurance products of six insurance institutions was approved by the China Banking and Insurance Regulatory Commission for sale.
On this basis, a few days ago, the Ministry of Human Resources and Social Security and the Ministry of Finance announced that 36 leading cities and regions, including Beijing, Tianjin, Shijiazhuang City and Xiongan New Area in Hebei Province, and Jincheng City in Shanxi Province, have launched the implementation of individual pensions. gold system.
Zhu Qing, chief professor of the Institute of Finance and Taxation, Renmin University of China: The personal pension plan determined this time is an improvement over the 2018 pilot. When individuals withdraw pensions, their tax burden was originally set at 7.5%. It dropped to 3%. At that time, investment could only buy insurance products, but not deposits, funds, or wealth management. In fact, this time, various financial products were released and individuals could choose.
Three ways to apply for individual tax incentives
Purchasing personal pension products can enjoy preferential tax policies for personal income tax.
In terms of specific operations, there are currently three channels for applying for individual tax incentives.
In the bank hall, the reporter saw many citizens, under the guidance of the staff, consulting and handling personal pension accounts.
There are also many companies who make appointments, and the staff will come to the door to open individual pension accounts for the employees of the company.
Chen Zhongjie, person in charge of Hongdong Fishery Co., Ltd.: This time, more than 30 employees intend to open personal pension accounts. It is very convenient to apply online.
According to the policy, starting from January 1, 2022, the tax deferred preferential policy will be implemented for personal pensions.
Individual contributions to personal pension fund accounts shall be deducted from comprehensive income or operating income according to the limit standard of 12,000 yuan per year.
Chen Minhui, first-level administrative law enforcement officer of Taijiang District Taxation Bureau, Fuzhou City, State Administration of Taxation: When individual payment enjoys pre-tax deduction benefits, the deduction certificate issued by the personal pension information management service platform is the tax deduction certificate.
So in the specific operation link, how can we enjoy tax incentives?
According to reports, after taxpayers have deposited their personal pensions, they first need to import personal pension deduction information.
Lin Shu, first-level administrative law enforcement officer of Taijiang District Taxation Bureau, Fuzhou City, State Administration of Taxation: There are currently three channels for taxpayers to import personal pension deduction information. The first channel is through our tax service hall. The second channel is for the withholding agent to import the deduction information of the employee's personal pension through the withholding terminal of the electronic tax bureau. The third channel is our most convenient mobile phone. You can open the personal income tax app and enter "I want to handle taxes" " interface, there will be "personal pension deduction information management", click on it, and "scan code entry" will appear, and you can scan the QR code of personal pension payment (voucher) to enter.