Life Insurance Profits Taxed at 12.5%, with Mandatory 33.33% Social Security Fund Contribution Under Specific Calculation Rules
The statutory provision outlines taxation rules for life insurance business profits. It establishes a two-part tax calculation method: first, a 12.5% tax on life insurance business profits, and second, tax on remaining income. Additionally, the provision requires depositing 33.33% of the calculated tax into a specified social security fund, with potential reduction if the assessee deposits 2.5% of business profits into the fund during specified assessment years.
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