Personal pension can enjoy a maximum deduction of 5400 yuan.
The individual pension system was officially launched in 36 pilot cities (regions) across the country. According to relevant regulations, individual pensions are subject to deferred tax preferential policies. In the payment link, the individual's contribution to the individual pension fund account is deducted from the comprehensive income or operating income according to the limit standard of 12000 yuan/year.
Specifically, taxpayers enter the "Personal Pension Deduction Information Management" under the "Tax" channel of the personal income tax App, scan the QR code of the personal pension payment voucher, and import the personal pension deduction information for pre-tax deduction.
Since the implementation of the personal pension system, four categories of products such as savings deposit, wealth management, commercial pension insurance and Public Offering of Fund have been continuously expanded.
China Wealth Management Network announced the second batch of personal pension wealth management products, adding 1 1 products and 1 wealth management companies. Among them, five new products of BOC Wealth Management were included in the second batch list, and two products of ICBC Wealth Management, Agricultural Bank Wealth Management and China Post Wealth Management were included respectively this time. So far, there are 18 personal wealth management products, including 6 ICBC wealth management products, 5 BOC wealth management products, 4 ABC wealth management products and 3 China Post wealth management products.
Six new products have been added to the personal pension insurance product list, namely Taikang Enjoy Life Annuity Insurance E (universal type), Taikang Happiness Winner Annuity Insurance (dividend type), China Life Good Pension Insurance B, China Life Pension Insurance and Bank of Communications Life Personal Pension Insurance (universal type).
At present, the list of personal pension insurance products includes 1 1 insurance companies and 19 products, covering exclusive commercial pension insurance, annuity insurance, double insurance and other forms.
For example, the exclusive commercial endowment insurance, which is mainly based on individual endowment insurance, can choose one-time payment or regular or irregular additional premium in order to facilitate the insured to decide according to their own economic conditions and the payment form is flexible. The pension period shall not be less than 10 years after the client is 60 years old. In 2022, the lowest settlement interest rate of stable accounts is 4%, and the highest is 5.15%; The settlement interest rate of aggressive accounts is at least 5% and at most 5.6%.
According to the data of China Banking and Insurance Regulatory Commission, domestic commercial banks have opened more than 24 million personal pension fund accounts. As of June 2023, the balance of specific pension savings business was 26.32 billion yuan; 5 1 old wealth management products characterized by "stability, long-term and inclusiveness", and the cumulative purchase amount of 470,000 investors 1004 billion yuan; The exclusive commercial endowment insurance realized a total premium of 4.27 billion yuan and 374,000 policies.
All three types of insurance are tax deductible.
In the personal income tax APP, there are three kinds of insurance that can also deduct a tax, namely: annuity insurance, commercial health insurance and tax-deferred pension insurance.
Tax-deductible annuity insurance refers to the individual contribution part of enterprise annuity or occupational annuity paid by individuals according to relevant national policies and regulations. The part that does not exceed the standard of 4% of the tax base for wages paid by me is temporarily deducted from the taxable income. Individual voluntary application is not required for tax deduction of enterprise annuity. If the taxpayer's enterprise has an enterprise annuity plan and participates in it, the deduction amount will be automatically displayed.
The second type of insurance that can reduce taxes and fees is commercial health insurance, especially the tax-excellent health insurance here. The expenses of individual residents purchasing commercial health insurance products that meet the requirements are allowed to be deducted before tax when calculating the tax payable, and the deduction limit is 2400 yuan/year (200 yuan/month).
The basic structure of tax-excellent health insurance is a one-year consumer health insurance of "medical insurance plus universal insurance". After deducting the medical insurance fee, the remaining premium will be deposited in the universal insurance account for future payment or other commercial insurance, but it cannot be withdrawn. The current rate of return is around 2-2.5%. For healthy people, the annual insurance coverage is 200,000-300,000 yuan, and the lifetime insurance coverage is 800- 1.2 million yuan. For people with past medical history, the general practice in the industry is to limit the annual insurance coverage to 40,000 yuan and the lifetime insurance coverage to 6,543,800 yuan+0.5 million yuan.
Because of the policy and inclusiveness of tax-excellent health, it has the characteristics of ensuring renewal of insurance, insuring against diseases and not setting deductible, so insurance companies bear higher risks. In order to avoid the risk of adverse selection, insurance companies generally only accept enterprise group insurance, and few insurance companies open individual purchases.
The China Banking Regulatory Commission (CBRC) solicited opinions in the industry on the notice of relevant matters, and plans to expand the scope of commercial health insurance products with preferential policies for personal income tax.
The third type of tax exemption insurance is tax-deferred endowment insurance, which refers to the income from wages and salaries and continuous labor remuneration (except for specific industries). It should be determined according to the method that the number of months recorded in the tax-deferred pension insurance deduction voucher deducts 6% of the income from the salary and continuous labor remuneration of the current month, that is, 12000 yuan, whichever is lower. At present, you can only buy tax-deferred pension insurance in Shanghai, Fujian Province (including Xiamen) and Suzhou Industrial Park.
Taxpayers can get a unique "tax priority identification code" when they purchase the above three types of policies, and declare themselves in the personal income tax APP. Take tax-excellent health insurance as an example, you can enjoy the pre-tax deduction policy of 2,400 yuan per year (200 yuan per month). However, 2,400 yuan is not the actual amount of assistance. According to the monthly salary 1000 yuan, the tax in 240 yuan can be reduced every year.