The State Council issues a notice on improving the standards for special additional deductions related to personal income tax
Beijing, August 31 (Xinhua) - In order to further reduce the burden of family childbirth and elderly care, in accordance with the relevant provisions of the Personal Income Tax Law of the People's Republic of China, the State Council recently issued a notice on increasing the special additional deduction standards for personal income tax, deciding to increase the special additional deduction standards for personal income tax for the care of infants and young children under 3 years old, children's education, and elderly care. Starting from January 1, 2023, the special additional deduction standard for the care of infants and young children under 3 years old will be increased from 1000 yuan per month to 2000 yuan per infant; The standard for special additional deductions for children's education has been increased from 1000 yuan per month to 2000 yuan per child; The special additional deduction standard for supporting the elderly has been raised from 2000 yuan to 3000 yuan per month, of which the only child shall be deducted according to the standard quota of 3000 yuan per month, and the non only child and brother sisters shall share the deduction amount of 3000 yuan per month, and the amount shared by each person shall not exceed 1500 yuan per month. After the notice is issued, taxpayers can follow the increased deduction standards during the tax declaration period in September, or they can execute it during the personal income tax settlement and payment in 2023.