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On May 1, 2024, the "Regulations on the Supervision and Administration of Non-bank Payment Institutions" will be implemented, and the biggest impact of WeChat and Alipay will come, mainly for the supervision of bank flows, and spot checks will be carried out on transactions with a single transaction amount of more than 3,000 yuan. This new regulation aims to effectively combat illegal and criminal activities, while also helping to protect the security of personal information.
Specifically, the probability of spot checks increases with the amount of the transaction. For transactions with a transaction amount of 3,000-10,000 yuan, the probability of spot check is 2%; For transactions with a transaction amount of 10,000-50,000 yuan, the probability of spot check is 5%; If the transaction amount exceeds 50,000 yuan, then the probability of spot check is 10%.
The new regulations of WeChat and Alipay also include other aspects of supervision, such as clarifying the access conditions for payment institutions' registered capital, major shareholders, actual controllers, senior executives, etc., and strengthening the protection of users' rights and interests, including information protection, the right to know and the right to choose. These measures are all to better protect the security of users' funds and information.
With the launch of the fourth phase of the Golden Tax, coupled with the supervision and management of non-bank payment institutions, large-amount personal collections will become more and more stringent in the future, and the "non-tax business" for individuals will be more accurate, and asset management and tax obligations will become the norm in the future.
At present, there are three main types of individual income tax in the mainland, personal salary income, personal labor remuneration income, and personal business income, and the tax rates are 3%-45%, 20%-40%, and 5%-35% respectively.
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