China

Details

  • Service: Tax
  • Industry: Financial Services
  • Type: Business and industry issue, Publication series, Regulatory update
  • Date: 2/22/2012

SAT and MoF clarify Corporate Income Tax deduction of loan loss provision for financial institutions 

China Alert: Financial Service Focus - Issue 2, February 2012

 

The Ministry of Finance (MoF) and the State Administration of Taxation (SAT) recently jointly issued Caishui [2012] No.5 (Circular 5) subsequent to circular Caishui [2009] No.64 (Circular 64), Notice on Questions concerning CIT deduction of loan loss provisions for financial enterprises, which was in effect from 1 January 2008 to 31 December 2010. Circular 5 clarifies the detailed rules on the Corporate Income Tax (CIT) deduction of loan loss provisions for financial institutions. Circular 5 is in effect from 1 January 2011 to 31 December 2013.

China alert: Financial Service Focus
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