November 30 2018

Liability Insurance Premiums Are Deductible Before Payment of Corporate Income Tax

Announcement by State Administrative Taxation

The State Administration of Taxation recently issued the Announcement about Deductions of Liability Insurance Premiums on Corporate Income Tax.

According to the announcement, enterprises buying employer liability insurance and public liability insurance can file for premium deductions before they pay corporate income tax. The tax arrangement is applicable to corporate income tax payment in the 2018 tax year and following years.