The General Accounting Office announced today (12th) that the median disposable income per person will increase to NT$326,000 in 2021, which will affect the “basic living expenses” of the National Insurance Law based on this adjustment, which is expected to increase to NT$196,000. Tax returns are due in May next year. If it is calculated based on a family of four and the applicable tax rate of 12%, it will save 1,920 yuan in tax.
The Taxpayer’s Rights Protection Law was launched at the end of 2017 to ensure that the state cannot impose taxes on people’s basic living expenses (referred to as basic living expenses). %calculate.
The General Accounting Office announced today the results of a survey on household income and expenditure. The median disposable income per person in 2021 will be 326,000 yuan. Based on this calculation, the “basic living expenses” per person in 2022 will be estimated at 196,000 yuan, which is higher than the previous year’s average. 192,000 yuan, plus an additional 4,000 yuan, which will be applicable when filing comprehensive tax returns in May 2023.
When filing comprehensive tax returns, the Ministry of Finance has a set of calculation methods to confirm that the amount of “basic living expenses” that is not taxable for individuals protected by the “Taxpayer Rights Protection Act” is deducted during tax calculation. If the combined tax exemption, standard or enumerated deductions, and special deductions for persons with disabilities, education, preschool, long-term care, and investment savings are “lower” than the basic living expenses by RMB 196,000, they will be taxed in May next year. The difference below the basic cost of living will be added or subtracted. As the tax-exempt amount increases, the actual tax burden decreases, which is usually beneficial for families with multiple families.
A simple trial calculation, assuming that the unmarried taxpayer who has already benefited from the “basic living expenses” of the insurance law and can pay less tax, will increase the “basic living expenses” by 4,000 yuan. Under the condition of the applicable tax rate of 5%, the taxpayer can file a tax return in May next year. Another 200 yuan in tax savings; if it is a family of four and the applicable tax rate is 5%, the tax savings can be 800 yuan, and the applicable tax rate is 12%, the tax savings can be 1920 yuan.
The Ministry of Finance pointed out that as long as the national median disposable income per person is raised according to law, the guaranteed taxable amount of “basic living expenses” will be adjusted accordingly, but the specific amount after adjustment is still subject to the official announcement at the end of the year.
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