Do you have to pay interest tax on saving money now, and do you have to pay tax on interest income f

"Interest tax" actually refers to the tax item of "interest, dividends and bonus income" of individual income tax, which mainly refers to the individual income tax levied on the interest income obtained by individuals saving RMB and foreign currencies in China. The levy, suspension or reduction of individual income tax (interest tax) on the interest income from savings deposits has a certain adjustment function for the economy. Interest taxes are commonly levied in many countries around the world.

China's interest tax began in 1950, when the "Interest Income Tax Regulations" promulgated stipulated that an income tax of 10% (later reduced to 5%) was levied on deposit interest, and the interest tax was suspended in 1959, and in 1999, according to the 11th meeting of the Standing Committee of the Ninth National People's Congress "on Amending the Individual Income Tax Law of the People's Republic of China" was resumed again, the tax rate was 20%, and the tax rate was reduced from 20% to 5% in August 2007. Interest tax has been temporarily exempted since 9 October 2008.

Currently, there is no interest tax on personal bank deposits.

Interest income is taxable. Interest income is also part of normal income and is included in the overall income. In practice, the interest income from bank deposits is included in the financial expenses, which affects the total profit and is subject to income tax.

The interest income of treasury bonds is exempt from enterprise income tax, and the interest income between non-financial institutions and non-financial institutions and the interest income of banks are subject to enterprise income tax.

[Legal basis].Article 6 of the Enterprise Income Tax Law.

The income obtained by the enterprise from various ** in monetary and non-monetary forms is the total income. Including: (1) income from the sale of goods; (2) Provision of labor income; (3) Income from the transfer of property; (4) Dividends, bonuses and other equity investment income; (5) Interest income.

The above is only the current information combined with my understanding of the law, please refer to it carefully!

If you still have questions about this issue, it is recommended that you organize the relevant information and communicate with a professional in detail.

1. The interest on the deposit is taxed at a rate of 5%;

2. The pre-tax interest is equal to the principal multiplied by the interest rate multiplied by the deposit period;

3. The interest tax is equal to the principal multiplied by the interest rate multiplied by the deposit period multiplied by the tax rate;

4. The interest after tax is equal to the interest multiplied by (1 minus the interest tax). It's messy.

Interest income is a part of personal income, and interest tax is also an item of individual income tax.

Implementation Measures for the Levy of Individual Income Tax on Interest Income from Savings Deposits

Article 4. Individual income tax is levied on interest income from savings deposits, and a proportional tax rate of 20% is applied. Article 5.

The interest income from education savings deposits obtained by individuals and the interest income from other special savings deposits or savings special savings deposits determined by the financial department shall be exempted from individual income tax.

The term "education savings" as used in the preceding paragraph refers to special savings for educational purposes in which individuals open accounts in designated banks in accordance with relevant state regulations, deposit a specified amount of funds, and use them for educational purposes. Article 7.

Individual income tax is levied on the interest income from savings deposits, and the savings institution that settles the interest is the withholding agent, and the withholding and payment is implemented.

Interest on deposits is not subject to income tax. Citizens of the People's Republic of China have the obligation to pay taxes in accordance with the law. Income from wages and salaries, remuneration for labor services, remuneration from copyright struggles, royalties, business income, interest, dividends, bonuses, property lease income, property transfer income, and incidental income shall be taxed in accordance with the law.

Individual income tax is calculated on a consolidated basis for residents by tax year, and individual income tax is calculated on a monthly or itemized basis.

Individual Income Tax Law of the People's Republic of China

Article 2. The income of the following persons who are suspected of being in the silver cave shall be subject to individual income tax:

1) Income from wages and salaries;

2) Income from remuneration for labor services;

3) Income from author's remuneration;

4) Income from royalties;

5) Business income;

6) Income from interest, dividends and bonuses;

7) Income from property lease;

8) Income from the transfer of property;

9) Incidental gains.

Resident individuals who obtain the income from items 1 to 4 of the preceding paragraph (hereinafter referred to as "comprehensive income") shall calculate individual income tax on a consolidated basis according to the tax year; For non-resident individuals who obtain the income in items 1 to 4 of the preceding paragraph, the individual income tax shall be calculated on a monthly or sub-itemized basis. Individual income tax shall be calculated separately in accordance with the provisions of this Law for taxpayers who obtain the income from items 5 to 9 of the preceding paragraph.

The interest on bank deposits is not subject to individual income tax, and the interest income generated on savings deposits after October 9, 2008 (including October 9) is temporarily exempted from individual income tax.

According to the "Notice on Individual Income Tax Policies Related to Interest Income from Savings Deposits". In order to meet the needs of the national macro-control policy, with the approval of the state, since October 9, 2008, the interest income of savings deposits has been temporarily exempted from individual income tax. That is, the interest income of savings deposits accrued before October 31, 1999 is not subject to individual income tax; Individual income tax is levied at a rate of 20% on interest income derived from savings deposits from November 1, 1999 to August 14, 2007.

Individual income tax is levied at a rate of 5% on interest income derived from savings deposits from August 15, 2007 to October 8, 2008. Interest income derived from savings deposits after October 9, 2008 (including October 9) is temporarily exempt from individual income tax.

To be delivered. The interest income obtained by an individual is one of the tax items of individual income tax, and the interest income from savings deposits is levied on the basis of the interest income obtained each time. There are many kinds of interest income obtained by individuals, including interest income from treasury bonds, interest income from bank deposits, interest income from lending the old filial piety book of Shihong funds, and interest income from Chinese bonds and bank deposits.

Taxpayers can enjoy corresponding preferential policies according to regulations. The withholding agent calculates and withholds individual income tax in accordance with the regulations.

Some people believe that deposits of more than 500,000 yuan should be subject to a high interest tax, so that wealth distribution can be balanced to a certain extent.

For this approach, I personally do not support very much, although the deposit of more than 500,000 is already a large deposit, but we should also be aware that for many families, the reason why they can save so much money is not simply to obtain interest income, it is very much to disturb the elderly or many of my working-class families have a family deposit of 500,000, often to buy a house for their children, or to provide a better education for their children. Even the reason why they save so much money is for their own retirement, and imposing a high interest tax on such a group is obviously contrary to the original intention.

Moreover, there are many ways to balance the distribution of wealth, and the practice of imposing a high interest tax on deposits of more than 500,000 yuan cannot fundamentally solve the problem. At this stage, for many people's actual income, as the standard for collecting taxes, this practice is already very perfect, very reasonable, there is no need to rely on the amount of personal deposits as the standard for collecting taxes, and there are differences between different cities, 500,000 is a relatively large amount of money for some small counties, and for the elites in first- and second-tier cities, it may only be the annual salary of some people for a year, so I am not in favor of adopting this one-size-fits-all approach.