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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.




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