China postpones income tax collection for annuities

BEIJING - Chinese workers will be allowed to pay income tax for their annuities based on the actual amounts they receive after retirement starting in early 2014, an official statement said Friday.

Currently, workers enjoying annuities have to pay income tax on annuities before receiving their monthly salaries.

The move, jointly announced Friday by the Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation, aims to "promote the development of the country's multi-tiered pension system."