State Administration of Taxation, Issues Relevant to Payment of Enterprise Income Tax by Futures Brokerages Circular

Issued: January 26 2005

Main contents: Business departments of futures brokerages that implement central settlement, central risk control, central fund allocation, central accounting and financial management, shall have the futures brokerages as the taxpayers of enterprise income tax. Therefore, futures brokerages should centrally pay enterprise income tax at the place where their company headquarters are located.
Related legislation: State Council, Promoting the Reform, Opening up and Stable Development of the Capital Markets Several Opinions, Jan 31 2004, CLP 2004 No.7 p75; PRC Enterprise Income Tax Tentative Regulations, Dec 13 1993, CLP 1994 No.1 p9 and PRC Enterprise Income Tax Tentative Regulations Implementing Rules, Feb 4 1994, CLP 1994 No.3 p8