（PCPA注：非官方译本。当产生歧意时,应以法律中文原文为准。This English document is not an official translation．In case of discrepancy, the original Chineseversion shall prevail.）

Circular of the Ministry of Finance and the State Administration of Taxation on Tax Policy Issues Relating to Pre-tax Deduction Standards for the Payment of Interest by Enterprises to Affiliated Parties

the Ministry of Finance and the State Administration of Taxation　　Cai Shui [2008] No. 121　　September 23, 2008

To the financial departments (bureaus), state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan and the financial bureau of the Xinjiang Production and Construction Corps:

In order to regulate the pre-tax deduction of interest to be paid by enterprises and strengthen the administration of enterprise income tax, in accordance with Article 46 of the Enterprise Income Tax Law of the People's Republic of China (hereinafter referred to as the "Tax Law") and Article 119 of the Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China (Order of the State Council No. 521, hereinafter referred to as the "Implementation Regulations" ), p