What is the scope of corporate income tax deduction that an enterprise may claim for insurance premiums and losses?
The Regulations on the Implementation of the Corporate Income Tax Law specify the scope of corporate income tax deduction that an enterprise may claim for insurance premiums and losses. In compliance with the relevant rules of the State Council, claims for deduction of the remaining value of a loss after deducting damages payable by the liable party and insurance reimbursements shall be permitted. Insurance premiums within a certain scope and set of criteria shall be deductible if such premiums are payable for: (1) basic social insurance including basic medical insurance, unemployment insurance, industrial injury insurance; (2) pensions; (3) mandatory housing provident funds, additional medical insurance premiums and pensions payable for investors or employees; and (4) property insurance premiums payable by enterprises as required by the law. Except for the stipulated commercial insurance premiums, all other insurance premiums payable by enterprises on behalf of investors and employees
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