What specific provisions for revenue in the EIT Law are given by the Implementation Regulations?
The EIT Law provides that the gross revenue of the enterprises comprises the incomethe enterprise receives in monetary terms or non-monetary terms. Monetary incomeincludes the receipt of cash, deposit, account receivables, bills receivable, securities heldto maturity and waiver of debt obligations; non-monetary income includes the receipt of fixed assets, biological assets, intangible assets, equity interest, inventory, securities not held to maturity, services and related interest. The fair value should be adopted as a measurement for non-monetary income. In addition, the accrual principle should be followed in the recognition of sales revenue.
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