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Can the declared social security deduct a tax?
According to the Ministry of Finance's Notice of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China on Individual Income Tax Policies for Basic Endowment Insurance, Basic Medical Insurance, Unemployment Insurance and Housing Provident Fund, it can be known that the social security that has been declared more can be deducted from the individual tax.
The basic old-age insurance premium, basic medical insurance premium and unemployment insurance premium actually paid by individuals according to the payment ratio or method stipulated by the state or the people's government of provinces (autonomous regions and municipalities directly under the Central Government) are allowed to be deducted from the taxable income of individuals.
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