Two sectors: the deduction policy of "one old and one young" is conducive to further reducing the burden of family support and improving residents' willingness and ability to consume

(Data picture)

According to the Ministry of Finance, the relevant responsible persons of the Tax Administration Department of the Ministry of Finance and the Income Tax Department of the State Administration of Taxation answered questions about raising the special additional deduction standard of personal income tax for infants under 3 years old, children's education, and supporting the elderly.

The above person in charge said that in recent years, there have been many appeals to further reduce the burden of childbearing, upbringing and support. The three special additional deductions for infant care, children's education and supporting the elderly under the age of 3 are directly related to "one old and one young". Improving the relevant special additional deduction standards is conducive to further reducing the burden of family support, better ensuring and improving people's livelihood, and also to improving residents' willingness and ability to consume.

Taxpayers who have not yet filled in the special additional deduction for the care of infants and children under the age of 3, education of children, and support of the elderly in 2023 can enjoy it after filling in the special additional deduction information in the personal income tax APP or through the employment unit. From the tax declaration period in September, taxpayers can be deducted according to the new standard raised by the employer, or they can be deducted according to the new standard when handling the final settlement of individual income tax in 2023.

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