What counts as interest income?

Interest income includes interest and discounts on bonds and securities issued by the State, local governments, domestic corporations and foreign corporations; interest on domestic and overseas deposits; gains from repurchase agreement trading of bonds; insurance gains on certain savings-type insurance; and income from non-business lending, among others.

The amount of interest income is the total revenue for the tax period as is, without deducting necessary expenses. The specific scope is set out in the Income Tax Act and its Enforcement Decree.