On May 19, the Ministry of Finance and the State Administration of Taxation issued related preferential tax policies for earthquake relief and post-disaster reconstruction.
In the aspect of enterprise income tax, the actual loss of property caused by an earthquake caused by an enterprise is permitted to be deducted when calculating the taxable income; at the same time, the public welfare donation incurred by the enterprise shall be calculated according to the provisions of the Enterprise Income Tax Law and its implementation conditions. Taxable income is deducted.
In respect of personal income tax, individuals who have suffered major losses due to earthquake disasters may be exempted from personal income tax. Individual pensions and benefits for individual individuals in the affected areas are exempted from personal income tax. Individuals donate their income to the earthquake-stricken area and deduct the taxable income according to the relevant provisions of the Individual Income Tax Law.
With respect to resource taxes, in the process of taxpayers mining or producing taxable products and suffering major losses due to earthquake disasters, the people's governments of provinces, autonomous regions, and municipalities directly under the Central Government in the affected areas have decided to reduce or exempt resource taxes.
In the aspect of enterprise income tax, the actual loss of property caused by an earthquake caused by an enterprise is permitted to be deducted when calculating the taxable income; at the same time, the public welfare donation incurred by the enterprise shall be calculated according to the provisions of the Enterprise Income Tax Law and its implementation conditions. Taxable income is deducted.
In respect of personal income tax, individuals who have suffered major losses due to earthquake disasters may be exempted from personal income tax. Individual pensions and benefits for individual individuals in the affected areas are exempted from personal income tax. Individuals donate their income to the earthquake-stricken area and deduct the taxable income according to the relevant provisions of the Individual Income Tax Law.
With respect to resource taxes, in the process of taxpayers mining or producing taxable products and suffering major losses due to earthquake disasters, the people's governments of provinces, autonomous regions, and municipalities directly under the Central Government in the affected areas have decided to reduce or exempt resource taxes.
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