Postponement of Loss Recognition on the Transfer or Withdrawal of Assets Compensated by Insurance to Be Recorded as Expenses in a Subsequent Period
Description:
This request is submitted when the transfer or withdrawal of assets is compensated by insurance, but the exact amount of compensation to be received can only be determined at a later time. The requirements include: the Taxpayer has submitted Annual Income Tax Returns for the last two tax years; and/or submitted VAT Periodic Returns for the last three tax periods, has no outstanding tax liabilities, and is not undergoing a tax audit, investigation, or bookkeeping review.
