Circular of the Ministry of Finance and the State Administration of Taxation on Issues concerning Individual Income Tax Policies
Circular of the Ministry of Finance and the State Administration of Taxation on Issues concerning Individual Income Tax Policies
Circular of the Ministry of Finance and the State Administration of Taxation on Issues concerning Individual Income Tax Policies
Cai Shui Zi [1994] No. 20
May 13, 1994
The financial departments (bureaus) and tax bureaus of various provinces, autonomous regions and municipalities directly under the Central Government, the financial bureaus and tax bureaus of various cities in the specifically designated state plan and various sub-bureaus of Offshore Oil Tax Administrative Bureau,
In accordance with the essence of the related stipulations of the Individual Income Tax Law of the People's Republicof China and the Implementing Regulations thereof, the Circular On Some Policy Issues Concerning Individual Income Tax is hereby given as follows:
I. Issues concerning the levying of tax on individual industrial and commercial units
1. The expense deducting standard for the proprietors of individual industrial and commercial units and the wage deducting standard for the employees shall be determined by the tax bureaus of various provinces, autonomous regions and municipalities. For the expenditure of interest on the loans borrowed by individual industrial and commercial units during the period of production and operation, that part with legal certificate and not higher than the amount calculated in accordance with the interest rate for loans of the same category and in the same period which are extended by financial institutions shall be allowed to be deducted.
2.
......
Cai Shui Zi [1994] No. 20
May 13, 1994
The financial departments (bureaus) and tax bureaus of various provinces, autonomous regions and municipalities directly under the Central Government, the financial bureaus and tax bureaus of various cities in the specifically designated state plan and various sub-bureaus of Offshore Oil Tax Administrative Bureau,
In accordance with the essence of the related stipulations of the Individual Income Tax Law of the People's Republicof China and the Implementing Regulations thereof, the Circular On Some Policy Issues Concerning Individual Income Tax is hereby given as follows:
I. Issues concerning the levying of tax on individual industrial and commercial units
1. The expense deducting standard for the proprietors of individual industrial and commercial units and the wage deducting standard for the employees shall be determined by the tax bureaus of various provinces, autonomous regions and municipalities. For the expenditure of interest on the loans borrowed by individual industrial and commercial units during the period of production and operation, that part with legal certificate and not higher than the amount calculated in accordance with the interest rate for loans of the same category and in the same period which are extended by financial institutions shall be allowed to be deducted.
2.
......