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SCIO briefing on promoting high-quality development: State Taxation Administration

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Changjiang Daily:

Individual income tax affects millions of households. The government has increased the standards for special additional deductions, including those for children's education and elderly care. What's the current progress on this? Thank you.

Shen Xinguo:

Thank you for your question. I believe most attendees here today can feel the tangible benefits this policy brings. To further reduce family expenses on childbirth, childcare, and elderly care, the State Council decided that from Jan. 1, 2023, the standards for special additional deductions would be increased for the care of children under 3 years old, children's education, and elderly care. Specifically, the deduction amounts for the care of children under 3 and for children's education have both increased from 1,000 yuan to 2,000 yuan per month per child. The deduction amount for elderly care has increased from 2,000 yuan to 3,000 yuan per month.

After the policy's release, tax authorities swiftly implemented it. We promptly adjusted and upgraded information systems to facilitate taxpayers' applications for deductions under the new policy. We also compiled explanatory materials and enhanced targeted publicity to ensure taxpayers could benefit as soon as possible. These efforts have yielded good results. Data from the individual income tax final settlement, which concluded at the end of June, shows that about 67 million people benefited from this policy in 2023. The total tax cuts surpassed 70 billion yuan, with an average reduction of over 1,000 yuan per person. Specifically, tax cuts for children's education, elderly care, and care for children under 3 years old were about 36 billion yuan, 29 billion yuan, and 5 billion yuan, respectively. The policy's coverage, total tax reduction, and intensity of tax cuts were substantial, providing timely benefits to taxpayers caring for both elderly parents and young children.

Looking ahead, we will continue to focus on issues affecting people's living standards. We will implement practical measures to fully release the benefits of tax policies, and strive to make greater efforts and contributions to improving people's livelihoods and well-being. Thank you.