Lates News

Cai Zili, deputy director of the State Administration of Taxation, stated at a press conference on July 28 held by the State Council Information Office on "high-quality completion of the '14th Five-Year Plan'", that based on personal income tax declaration data from 2021-2024, the top 10% of income earners pay around 90% of the personal income tax. Individuals with a comprehensive annual income of less than 120,000 yuan basically do not need to pay taxes after year-end settlement. This reflects the continued effect of the personal income tax adjustment on income distribution, where high-income earners pay more taxes, while middle and low-income earners pay less or no taxes.