Year | Regulations |
1983-1987 | Business tax rate: 5%; The tax base: business income Corporate income tax rate: 55% Adjustment tax rate: 20% (after 1985 adjustment tax rate was changed to 15%) Adjustment tax and income tax are halved by local and central authorities |
1988-1990 | Stamp duty collected at 0.03% of insurance coverage |
1990-1993 | Stamp duty collected at 0.1% of premium |
1994-1996 | Business tax rate: 5% Fixed resource adjustment tax was cancelled in 1994 |
1997-2000 | Business tax rate: 8%, of which 5% is turned over to the state, and 3% goes to local finance Corporate Income Tax Rate of Chinese-funded Insurance Companies: 33% |
2001-2003 | Since 2001, the business tax rate of the insurance industry has been reduced by 1 percentage point each year, and within three years, the business tax rate of the financial services industry has been reduced from 8% to 5% |
2004-2015 | Business tax rate: 5% Corporate income tax rate: 25% |
2016- | From May 1, 2016, the insurance industry pays VAT at 6% of premium income |