The extraction rate is generally 3‰~ 4‰.

Reply of the Ministry of Finance on agreeing to increase the withdrawal rate of security funds

Cai Gong Zi (1997) No.046

Your Company's Report on Applying for Improving the Withdrawal Rate of Guarantee Fund (Sinopec [1997] No.058) has been received. After study, the reply is as follows:

1. In order to support the development of your company's industry insurance, enhance its insurance strength and give full play to its advantages, it is agreed to increase the withdrawal rate of your company's security fund from 1997 from 3‰ to 4‰.

Two, strengthen the management of safety funds, earmarking. While improving the withdrawal rate of security funds, your company should strengthen revenue management, further verify the scope of expenditure and strictly control the amount of expenditure. Please pay close attention to the revision of the Measures for the Administration of Guarantee Funds, which will be implemented after the approval of the Ministry of Finance.

(Hunan Provincial State Taxation Bureau 1997 Hunan State Taxation Bureau Letter No.053 forwarded)

Yueyang State Taxation Bureau:

According to the spirit of "Reply on Agreeing to Increase the Withdrawal Rate of Security Fund" (Cai Qi Zi [1997] No.46) approved by the Ministry of Finance of sinopec group, in order to support the development of industry insurance in sinopec group, enhance the insurance strength and give play to the advantages of industry security, it is agreed that the withdrawal rate of security fund in sinopec group will be increased from1997 from 3‰ to 4‰. Please check with the local tax department of the enterprise.

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