rofit to cover.
Article 32 The enterprise shall pay the income tax according to the laws
after adjusting the profits according to the State stipulations.
Unless otherwise stipulated by the State, the profit after the income
tax shall be distributed in the following order:
(1) Loss incurred by confiscation, fine and penalty for delayed tax
payment in violation of tax laws;
(2) Coverage for enterprise loss of previous years;
(3) Retention for statutory reserve fund earmarked for loss coverage or
capital increase in accordance with State regulations;
(4) Retention for public welfare fund earmarket for expenditures on
welfare facilities for the enterprise employees;
(5) Profit distribution to the investors. The undistributed profit of
the previous years may be incorporated into distribution in the current
year.
CHAPTER IX FOREIGN CURRENCY TRANSACTIONS
Article 33 Foreign currency transactions refer to all the transactions
conducted in currencies other than the bookkeeping base currency, such
as receipts and payments of money, settlement of current account, and
pricing.
The Renminbi shall be the bookkeeping base currency for an enterprise.
Those enterprises conducting operational receipts and payments mainly in
foreign currencies may choose one foreign currency as the bookkeeping
base currency.
Article 34 The ending balance of various foreign currency items
(excluding those recorded separately at the exchange rates in the
foreign exchange swap centres) shall be converted into bookkeeping base
currency at the official exchange rate prevailing at the end-of-period,
unless otherwise stipulated by the State. The difference between the
amount of the bookkeeping base currency converted from foreign
currency at the official exchange rate and the book amount shown in
book-keeping base currency shall be accounted into the currency profit
and loss as profit and loss on exchange.
Article 35 The net profit and loss on exchange incurred by an enterprise
during the preparation and construction period shall be accounted into
starting expenses and amortized in a period no less than five years
starting from the operation of the enterprise, or to be retained to
cover the loss incurred by the enterprise during the operation period,
or to be retained and incorporated into liquidation profit and loss. The
exchange profit and loss incurred during the production and operation
period shall be accounted into financial expenses, and during the
liquidation period, into liquidation profit and loss. The exchange
profit and loss associated with purchase and construction of fixed
assets and intangible assets shall be accounted into the value of the
purchased and constructed assets prior to the delivery to their users or上一页 [1] [2] [3] [4] [5] 下一页
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