How to pay personal income tax in digital currency
The wage and salary income tax is subject to the withholding system, which is withheld and remitted by the enterprise before it is distributed to the employees, and the relevant proceres of withholding and remitting are handled at the Local Taxation Bureau first
Then, before the payment of wages, the enterprise financial personnel shall calculate the taxable income of each person in accordance with the provisions of the tax lawtaxable income = (monthly income - five insurances and one fund - starting point - other dections determined according to law - special additional dections) * applicable tax rate - quick dection
after calculating the taxable income of each person according to the above methods, Unified to the local tax bureau to declare and pay it
Personal income tax is the general term of legal norms to adjust the social relations between tax authorities and natural persons (residents and non residents) in the process of collection and management of personal income taxBritain was the first country to levy indivial income tax. In 1799, Britain began to levy indivial income tax at different rates, and it became a fixed tax in 1874
The taxpayers of indivial income tax include both resident taxpayers and non resident taxpayers. Resident taxpayers have the obligation to pay full tax and must pay indivial income tax on all their income from inside and outside China; However, non resident taxpayers only pay indivial income tax on their income originating in China Indivial income tax is a kind of income tax levied by the state on the income of its citizens, indivials living in its own country and overseas indivials from its own country. In some countries, personal income tax is the main tax, which accounts for a large proportion of fiscal revenue and has a great impact on the economy On June 19, 2018, the draft amendment to the indivial income tax law was submitted to the third meeting of the Standing Committee of the 13th National People's Congress for deliberation, which is the seventh overhaul of the tax law since its introction in 1980the draft decision of the Standing Committee of the National People's Congress on Amending the indivial income tax law was submitted to the fifth meeting of the Standing Committee of the 13th National People's Congress for deliberation on August 27, 2018. According to the draft decision, the basic fee dection standard is to be set at 60000 yuan per year, that is, 5000 yuan per month, and the new tax rate range of 3% to 45% will remain unchanged
on August 31, 2018, the decision to amend the indivial income tax law was passed, with the starting point of 5000 yuan per month, and the latest starting point and tax rate will be implemented from October 1, 2018