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OFFICIAL REPLY OF THE STATE ADMINISTRATION OF TAXATION ON ISSUES CONCERNING EXEMPTION OF ENTERPRISE INCOME TAX ON LOAN INTERESTS GAINED BY THE EXPORT-IMPORT BANK OF SOUTH KOREA (EXIM BANK) |
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(No.477 [2004] of the State Administration of Taxation April 8, 2004) |
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SUBJECT : CORPORATE TAXATION; EXEMPTION; LOAN INTERESTS INCOME |
ISSUING DEPARTMENT : THE STATE ADMINISTRATION OF TAXATION |
ISSUE DATE : 04/08/2004 |
IMPLEMENT DATE : 04/08/2004 |
LENGTH : 102 words |
TEXT : |
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The EXIM Bank signed a loan agreement with the WUXI-KEC Semiconductor Co., Ltd. on March 10, 2003, the amount of loans is 20 million dollars, and the time limit for the loan is three years, the interest rate is LIBOR + 1.2%. According to the provisions of paragraph 3, Article 11 of the Agreement Between the Government of the People's Republic of China and the Government of the Republic of Korean on Avoidance of Double Taxation on and Prevention of Tax Evasion, the enterprise income tax on the interests gained by the EXIM Bank for providing the said loans shall be exempted.
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