Notice of the Ministry of Finance and the State Administration of Taxation on Tax Policies for Rural Credit Cooperatives in the Reform Pilot of Hainan Province

This notice specifies that from January 1, 2006, rural credit cooperatives in Hainan's reform pilot are subject to a 3% business tax rate on financial and insurance taxable income, and are temporarily exempt from corporate income tax from 2006 to 2008, with the tax exemption funds to be used exclusively for writing off bad debts or increasing provisions.