China begins to process 2023 personal tax settlement

　　China News Service, Beijing, March 1 (Reporter Zhao Jianhua) Starting from March 1, China will begin to process the final settlement and settlement of comprehensive personal income tax in 2023 (hereinafter referred to as the final settlement).

If taxpayers without domicile in China leave the country early, they can handle annual settlement before leaving the country.

　　According to the State Administration of Taxation, from March 1 to March 20, resident individuals (hereinafter referred to as taxpayers) can make an appointment through the personal tax APP.

From March 21st to June 30th, taxpayers do not need to make an appointment and can apply at any time.

　　The implementation of the new Personal Income Tax Law in 2019 marks the establishment of a comprehensive and classified personal income tax system in China.

The new tax law requires that after the end of the year, taxpayers must summarize the four comprehensive incomes including wages and salaries, labor remuneration, author remuneration, and royalties, and calculate taxes on a consolidated basis.

　　According to the State Administration of Taxation, the subjects of annual calculations only refer to resident individuals in accordance with the provisions of the Personal Income Tax Law.

Non-resident individuals are not required to complete annual financial statements.

Classified income such as interest, dividends, and property rental income are not included in the annual financial statements.

At the same time, according to relevant documents, income obtained by taxpayers that cannot be incorporated into comprehensive income for tax calculation is also not within the scope of annual settlement.

　　If the final tax payment is required but the comprehensive income for the year does not exceed 120,000 yuan (RMB, the same below), the tax payment amount does not exceed 400 yuan, the prepaid tax amount is consistent with the final tax payable, and the final tax refund conditions are met, but If you do not apply for a tax refund, the taxpayer does not need to complete the settlement.

If the comprehensive income obtained in 2023 exceeds 120,000 yuan and the amount of tax repayment required in the final calculation exceeds 400 yuan, the taxpayer needs to complete the final calculation.

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