Official Announcement: This Money is Exempt from Personal Income Tax

Deep News
Aug 20

On August 20, the Ministry of Finance and the State Taxation Administration issued an announcement regarding personal income tax policies for childcare subsidies. To implement the relevant provisions of the "Implementation Plan for Childcare Subsidy System" issued by the General Office of the CPC Central Committee and the General Office of the State Council, the personal income tax policy for childcare subsidies is announced as follows:

First, childcare subsidies distributed according to the childcare subsidy system regulations are exempt from personal income tax.

Second, health departments shall establish information sharing mechanisms with finance departments and tax departments. County-level health departments shall handle personal income tax exemption declarations for subsidy applicants in accordance with regulations.

Third, this announcement takes effect from January 1, 2025.

Alipay Childcare Subsidy System Begins Trial Operation

According to official Alipay news: The childcare subsidy system has begun trial operation. Parents who previously subscribed to application reminders will gradually receive notifications in the near future. Those who have already received notifications can now enter the application process and wait for subsidies to be credited to their accounts.

Before applying, users can prepare photos of relevant documents for infants and applicants in advance, including: Birth Medical Certificate, first page of Household Registration Booklet, and the infant's page, among others.

Parents who previously subscribed to application notifications on Alipay but have not yet received messages should not worry and wait patiently for notifications. Please pay close attention to your Alipay in the coming days.

Users who have not previously subscribed to application notifications can still search for "childcare subsidy" on Alipay, enter the National Health Commission's "Childcare Subsidy" Alipay mini-program, and subscribe to application notifications to ensure they don't miss important messages.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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