The Implementation Of The New Tax Law! How Much Should We Pay For The Tax Refund?

In December 14th, the Ministry of Finance and the State Administration of Taxation issued a notice to clarify the relevant policies for the comprehensive income of individual tax. The State Administration of Taxation has also made public payment for the comprehensive income tax of 2019, and has made public comments.

Many people feel that it is very complicated to hear the words "settlement and payment". In fact, in simple terms, it is based on the usual prepaid taxes, "check the missing and make up the losses, collect income and expenditure, calculate the accounts on a yearly basis, and make more payments."

According to the new version of the tax law, from March 1, 2020 to June 30th, China's residents will have the first consolidated annual income settlement. How to calculate the tax accounts?

On the evening of December 14th, the CCTV financial review program was invited. Bai Jingming, vice president of the Chinese Academy of fiscal Sciences , Central financial commentator crown Common analysis.

How should we make the accounts payable?

Bai Jingming: the annual income is clearer.

Bai Jingming, vice president of the Chinese Academy of fiscal Sciences, The annual settlement is to make the total calculation of the annual revenue and the final liquidation. Nowadays, personal income tax is a combination of comprehensive and classification, and some of the remuneration of labor is included in the comprehensive taxation, and at the same time, it is changed to annual taxation. How much gross income is there at the end of the year? How much is taxable income? Because only at the end of the year can it be clear.

We should distinguish between the total income and the taxable income, because the total income is partly taxable in accordance with the tax law, and some of them are not taxable. There are 60 thousand comprehensive deductions, special deductions and special deductions in one year. Some people still enjoy special policies, which are not taxed. To eliminate these revenues is taxable income, which can be counted only at the end of the year.

Crown: settle accounts at a glance, operate one step at a time.

Wang Guang financial commentator: This year, the "personal income tax law" has just started to implement. The six special deduction has just started operation, and many changes will take place by the end of the year. For example, in this year's work changes, two job income levels are different. There may be two to three months of job hunting process, no income or family changes.

In fact, the reason for such a settlement is to supplement and perfect the relevant information. In fact, this is closely related to everyone and family. By the end of the year, accounts can be seen at a glance. In the process of filing tax returns, they will be able to get one step in place, convenient and fast.

How to understand the personal tax burden?

Bai Jingming: keep accounts clear and avoid paying more taxes.

Bai Jingming, vice president of the Chinese Academy of fiscal Sciences, In the process of settlement, some criteria were set up according to the actual income situation, and the average wage level of the whole society was also referred to. Annual income of 120 thousand, basically do not consider year-end settlement.

120 thousand what is the concept of this boundary? People who earn 10 thousand a month do not pay taxes at all. The smaller the accounting, the better the tax will be avoided.

Crown: standardize tax returns and protect taxpayers' rights and interests

Wang Guang financial commentator: Regulating the tax declaration is to protect the rights and interests of taxpayers, and will play a great role in promoting the credit system of the whole society in the future.

At the beginning of this year, when talking about six special deductions, there were no seals and notarization. Next, the current tax settlement, the premise is integrity, on the total income situation. For example, there are units, tax departments, such as personal income tax App, and can be commissioned. In this case, we must be very strict and honest. Otherwise, it will bring great influence to personal credit, especially the high income, middle and high income class.