According to relevant regulations of Individual Income Tax Law of the People's Republic of China， it is decided by State Council that no individual income tax on individual savings deposit interest shall be imposed on deposit interest from Oct. 09th， 2008.
On Nov. 1st 1999， the policy of individual income tax was resumed， which has been playing an active part in the aspects of encouraging consumption and investment， regulating individual income rationally and increasing government receipts， etc. While based on the new situations of social economy confronted at present in our country， it is conductive for increasing yield of individual savings deposit and is in accordance of the needs of state macro-control to impose no income tax on the yield of individual savings deposit interest.
From: state administration of taxtion
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