The Ministry of Finance announced that starting from January 1, 2024, a preferential policy for deferred taxation of individual Retirement will be implemented nationwide. In the contribution stage, contributions made by individuals to their individual Retirement Account will be deducted from comprehensive income or operation income based on a limit of 12,000 yuan per year; in the investment stage, investment income credited to the individual Retirement Account will temporarily not be subject to individual income tax; in the withdrawal stage, the individual Retirement funds will not be included in comprehensive income, and will instead be taxed at a rate of 3%, with the tax paid included in the "salary and wage income" section.
财政部：在全国范围实施个人养老金个人所得税优惠政策
Ministry of Finance: Implement individual Retirement personal income tax preferential policies nationwide.
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