When is the tax deduction for social security generally deducted

Social insurance premiums are levied on a monthly basis, with the levy period beginning on the first of the month and ending on the last day of the month, and the exact date of deduction is determined according to local policy. If the last day of the month is a legal holiday, the collection period will not be extended. For those who fail to pay the social insurance premiums in full and on time during the collection period, the late payment fee will be calculated on a daily basis starting from the day following the end of the collection period.

Article 61 of the Social Insurance Law of the People's Republic of China (P.R.C.) stipulates that the collection agency shall collect social insurance premiums in full and on time in accordance with the law, and inform employers and individuals of the status of the premiums on a regular basis. Article 62 of the Social Insurance Law of the People's Republic of China*** and the State of China, if an employer fails to declare the amount of social insurance premiums to be paid in accordance with the regulations, the amount to be paid shall be determined in accordance with 110 percent of the amount of the unit's contributions for the previous month; and after the unit has made up for the declaration, the social insurance premium collection agency shall settle the payment in accordance with the regulations.