Notice in relation to the Implementation of Individual Income Tax Preferential Policies for Individual Pensions Nationwide
12 December 2024
The Ministry of Finance and the State Taxation Administration (“the authorities”) issued the “Notice in relation to the Implementation of Individual Income Tax Preferential Policies for Individual Pensions Nationwide” (“the Notice”) on 12 December 2024. The authorities proposed that the preferential policy of deferred tax on individual pension funds will be implemented nationwide from 1 January 2024. In the contribution stage, contributions made by individuals to their individual pension fund accounts are subject to an annual limit of RMB 12,000 and shall be deducted from their consolidated income or business income according to the actual amount.