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NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON PRE-TAX DEDUCTION OF COMMISSION EXPENSES OF INSURANCE COMPANIES |
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(No.205 [2003] of the Ministry of Finance and the State Administration of Taxation promulgated on
September 12, 2003 and implemented as of January 1, 2003) |
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SUBJECT : INSURANCE COMPANIES; DEDUCTION; COMMISSION |
ISSUING DEPARTMENT : MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA , STATE ADMINISTRATION OF TAXATION |
ISSUE DATE : 09/12/2003 |
IMPLEMENT DATE : 01/01/2003 |
LENGTH : 72 words |
TEXT : |
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According to the developments of the insurance market and in order to solve the problem of inadequate pre-tax reduction of commission expenses of insurance companies, the scope of such pre-tax reduction is hereby adjusted through deliberation:
As of January 1, 2003, the commission expenses paid by insurance companies in their business operations may be deducted according to the facts within 8% of the total premium income actually obtained respectively by those enterprises.
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