Why should the interest income of savings deposits be temporarily exempted from personal income tax? In addition to theoretical knowledge, the assessor's certificate is intermediate level (1+X tax calculation), In order to reduce the impact of rising price index on the interest income of residents' savings deposits and reduce the tax burden of low-and middle-income depositors, the State Council decided to levy personal income tax at a reduced rate of 5% on the accrued interest after August 15, 2007.

At present, in view of the new situation facing China's social economy, the temporary exemption of personal income tax on interest income from savings deposits is conducive to increasing personal savings deposit income and meets the needs of national macro-control