Ministry of Finance: Childcare subsidies issued in accordance with the regulations of the childcare subsidy system are exempt from personal income tax.

On August 20, the Ministry of Finance issued an announcement regarding the individual income tax policy on childcare subsidies. It mentions that childcare subsidies paid according to the childcare subsidy system are exempt from personal income tax. The health department, finance department, and tax department have established an information sharing mechanism. County-level health departments are required to handle the personal income tax exemption declaration for individuals applying for subsidies. The announcement will be implemented from January 1, 2025. This article was selected from the official website of the Ministry of Finance. Editor: Liu Jiayin.