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New Pension Tax Policy for 2014 and its Implications
Publication date Jan. 21, 2014
Summary
From 2014, personal pensions eligible for tax deductions will receive different treatment. The old tax deduction system will be replaced by a tax credit system. Although the goal of the new system is to enhance fairness in taxation, it is expected to increase the tax burden of personal pension buyers and therefore have a direct impact on personal pension participation. In order to support retirement income security, it is necessary to consider restoring and even expanding the tax deduction system.
