TaxWorldWeb – International Tax News

Most Recent

The State Administration of Taxation (SAT) has recently issued the Measures for Administration of Professional Risk Fund of Registered Tax Agent Firms to be effective as of 1 October 2010. The Measures require registered tax agent firms to allocate and use a professional Risk Fund in accordance with the provisions of the Measures, specifying that every registered tax agent firm shall, prior to the closure of each fiscal year, allocate a professional risk fund at a proportion of no less than 3% of its primary operating revenue of the year, and open a special account for the accounting of the fund, and, during the period of its continued existence, a registered tax agent firm shall ensure the balance of its professional risk fund is no less than 3% of the total sum of its primary operating revenue in the recent five years.