Since the implementation of the tax refund policy for residents who exchange and purchase homes, a total of 11.1 billion yuan in individual income tax has been refunded.

Published: Jul 28, 2025 16:37

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Cai Zili, Deputy Director of the State Taxation Administration, said at a press conference held by the State Council Information Office on the 28th that during the "14th Five-Year Plan" period, China introduced or extended a series of preferential individual income tax (IIT) policies. Among these, widely applicable preferential policies such as the continuation of separate taxation for annual one-time bonuses and the exemption of tax refunds for final settlements below 400 yuan were extended, resulting in a reduction of 580 billion yuan in IIT. Since the implementation of the tax refund policy for residents exchanging and purchasing homes in October 2022, 11.1 billion yuan in IIT has been refunded, effectively reducing the tax burden for these individuals.

"From the IIT final settlement that just concluded this year, over 100 million taxpayers have legally applied for tax refunds exceeding 130 billion yuan, and more than 7 million taxpayers have voluntarily and legally declared additional tax payments exceeding 48 billion yuan," Cai Zili said. This process of refunding and supplementing taxes reflects the rule of law, standardization, fairness, and justice brought about by China's new IIT system.

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