Article 21. Enterprises are permitted to list as expenses
the reasonable interests actually incurred on loans related to
production and business operation, provided that the loans and
interest payments are supported by certifying documents and have been
amined and approved by the local tax authorities.
For the loans obtained by an Enterprises to finance the expenditure
on the acquisition or construction of fixed assets, or the
acquisition or development of intangible assets, the interest paid
before the assets are put into use shall be included in the o ginal
value of the assets.
" Reasonable interest " mentioned in the first paragraph of
this article refers to interest computed at a rate not higher
than the normal commercial lending rates.
Article 22. Entertainment expenses incurred in relation to
production and business operation by an enterprise shall be backed up
by reliable records or vouchers, and are permitted to be listed as
expenses within the following respective limits:
1. For an enterprise with its annual net sales coming to RMB
15 million yuan or less, the entertainment expenses shall not exceed
0.5% of the net sales; the entertainment expenses for the portion in
excess of RMB 15 million yuan shall not exceed 0.3% of the said portion.
2. For an enterprise with its annual total business income coming
to RMB 5 million yuan or less, the entertainment expenses shall not
exceed 1% of the total business income; for those with annual total
business income coming to more than RMB 5 million yuan the entertainment
expenses for the portion in excess of RMB 5 million yuan shall not
exceed 0.5% of the said portion.
Article 23. Unless otherwise provided by the state, any exchange
gain or loss incurred due to differences in exchange rates
during an enterprise's preparatory or construction period, or during
the period of production and business operation, shall be lis d
appropriately as profit or loss in the respective period.
Article 24. Wages, benefits and allowances paid to employees can
be listed as expenses by the enterprises upon the examination and
approval of the pay scale and its supporting documents and
information by the local tax authorities.
Enterprises shall not list as expenses any foreign social
insurance premiums for employees working inside China.
Article 25. Enterprises engaged in the credit and leasing
business etc. may, according to their actual needs and after the
approval of the local tax authorities, provide year by year for
doubtful debts at not exceeding 3% of the year-end balances of
thei loans (not including inter-bank loans) or of their accounts
receivable, notes receivable and other receivables, and deduct the
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