中國財險(2328 HK) – 中國財政部近日宣佈內險減稅政策。在計算應納稅所得稅時,把內險可扣除手續費和佣金支出佔總保費之比例,劃一提升至18%,自今年1月起生效。現時壽險和財險可從稅前溢利中扣減手續費和佣金支出的比例分別為10%和15%。我們認為此舉是為了解決內險公司長期保單入賬與佣金不匹配的情況。內險的實際稅率一向比法定稅率高,原因就是當手續費/佣金佔比超出上述限制時,多出的部分不可做稅前扣減,而是要進行納稅調增,從而增加內險稅所得稅支出。故此,數家大型內險在2018上半財年就已經出現稅前利潤增加,但淨利潤增加不合比例,甚至下滑的情況出現。本次財政部將可扣減手續費和佣金支出佔保費之比調高至18%,最受惠的應該是實際稅率和佣金比率皆較高的內險。中國財險2018財年的實際稅率為33.9%;佣金比率為19.9%,在我們追蹤的六家內險中分別排第一和第二。其下線盈利應可被新險企稅例實質地正面衝擊。(本文資料來源:港交所、彭博)
#FISDC {
font-size: 12px;
color:#a9a9a9;
letter-spacing: 2px;
word-spacing: 2px;
font-weight: bold;
text-decoration: none;
font-style: normal;
font-variant: normal;
text-transform: none;
}
#FISDD {
font-size: 16px;
color:#343434;
letter-spacing: 2px;
word-spacing: 2px;
font-weight: bold;
text-decoration: none;
font-style: normal;
font-variant: normal;
text-transform: none;
}
#link_bar a { padding:6px 16px; font-size:16px;font-weight:bold; text-align: center; float:centre; vertical-align:middle; display:inline-block; width: 200px;}
#link_bar a:link { color:#ffffff; background-color:#DB000C; }
#link_bar a:visited { color:#ffffff; background-color:#DB000C;}
#link_bar a:hover { color:#ffffff; background-color:#000000; }
#link_bar a:active { color:#ffffff; background-color:#DB000C; }
#tel a { font-size:16px;font-weight:bold; text-align: center; float:centre; vertical-align:middle; }
#tel a:link { color:#3399CC;}
#tel a:visited { color:#3399CC;}
#tel a:hover { color:#3399CC; }
#tel a:active { color:#3399CC; }
.glowingbutton {
background-color: #004A7F;
-webkit-border-radius: 10px;
border-radius: 10px;
border: none;
color: #FFFFFF;
cursor: pointer;
display: inline-block;
font-family: Arial;
font-size: 16px;
padding: 5px 10px;
text-align: center;
text-decoration: none;
-webkit-animation: glowing 2000ms infinite;
-moz-animation: glowing 2000ms infinite;
-o-animation: glowing 2000ms infinite;
animation: glowing 2000ms infinite;
}
@-webkit-keyframes glowing {
0% { background-color: #AF0618; -webkit-box-shadow: 0 0 1px #AF0618; color: #FFFFFF; }
50% { background-color: #DB000C; -webkit-box-shadow: 0 0 1px #DB000C; color: #FFFFFF;}
100% { background-color: #AF0618; -webkit-box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
}
@-moz-keyframes glowing {
0% { background-color: #AF0618; -moz-box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
50% { background-color: #DB000C; -moz-box-shadow: 0 0 1px #DB000C; color: #FFFFFF;}
100% { background-color: #AF0618; -moz-box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
}
@-o-keyframes glowing {
0% { background-color: #AF0618; box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
50% { background-color: #DB000C; box-shadow: 0 0 1px #DB000C; color: #FFFFFF;}
100% { background-color: #AF0618; box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
}
@keyframes glowing {
0% { background-color: #AF0618; box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
50% { background-color: #DB000C; box-shadow: 0 0 1px #DB000C; color: #FFFFFF;}
100% { background-color: #AF0618; box-shadow: 0 0 1px #AF0618; color: #FFFFFF;}
}