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