According to Article 2 of the Notice of the Ministry of Finance, People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China on the Business Tax of Securities Investor Protection Fund (Caishui [2006] 172), "the securities investor protection fund paid by a securities company is allowed to be deducted from its taxable turnover of business tax." In addition, according to Article 6 of the Provisional Regulations of the People's Republic of China on Business Tax: "If a taxpayer deducts the relevant items in accordance with Article 5 of these Regulations and the obtained vouchers do not comply with laws, administrative regulations or the relevant provisions of the the State Council tax authorities, the amount of the items shall not be deducted." Therefore, the securities investor protection fund drawn by a securities company according to the proportion of operating income cannot be deducted, but can only be deducted when it is actually turned over. Whether it is deducted by the branch or unified by the head office depends on the actual institution.