China

Details

  • Service: Tax
  • Type: Publication series, Regulatory update
  • Date: 12/26/2013

Deferred individual income tax treatment for Enterprise Annuity and Occupational Pension plans 

China Tax Alert - Issue 35, December 2013

 

On 6 December 2013, the Ministry of Finance, the Ministry of Human Resources and Social Security and the State Administration of Taxation jointly issued Guidance pertaining to the collection and administration of Individual Income Tax on Enterprise Annuities and Occupational Pensions (“the Plans”). The circular promotes the establishment of approved Plans and to widen the national retirement savings base by deferring the point of taxation for voluntary employer contributions to retirement age and allowing a tax deduction for voluntary employee contributions to approved Plans.

 

 

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