Characteristics and Trends of Individual Income Tax Reforms in Various Jurisdictions since 2022
In 2022,global economic growth slowed while inflation continued to rise.To cope with the impact of inflation,in terms of individual income tax reform,some countries have taken measures to reduce the tax rate and narrow the tax base in order to reduce the tax burden of workers and promote employment and consumption.A few countries have raised tax rates or broadened the tax base in order to increase tax revenue.China has taken measures such as expanding the scope of special additional deductions,raising the deduction standard,and extending the applicable period of a series of tax incentives to further play the role of individual income tax revenue regulation.Drawing on the experience of individual income tax reforms in selected countries,China should further improve the special additional deduction system,tax incentive of individual income tax on labor and employment,and tax policy of capital income.
Individual income taxTax reformTax policyTax incentiveLabor incomeCapital income
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