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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of income tax expense

Income tax expense consist of the following:

		Year ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Current income tax expense:
PRC			80,548				111,552				168,924
Deferred income tax expense (benefit):
PRC			81,099				(17,637	)			(131,917	)
Total income tax expense			161,647				93,915				37,007

Summary of significant components of deferred tax assets and deferred tax liabilities

The following table sets forth the significant components of the deferred tax assets and deferred tax liabilities:

		Year Ended December 31,
		2018				2019
		RMB				RMB
Deferred tax assets
Payroll and welfare payable			16,880				12,131
Accrued expenses			20,462				16,199
Allowance for uncollectible receivables and contract assets			101,048				37,932
Liabilities from the investor assurance program			306,655				—
Net loss carryforward			576,810				13,595
Liabilities related to customer incentive			23,423				44,216
Gross deferred tax assets			1,045,278				124,073
Valuation allowances			(619,533	)			(1,909	)
Net deferred tax assets			425,745				122,164
Deferred tax liabilities
Uncollected revenues			(369,718	)			(53,872	)
Total deferred tax liabilities			(369,718	)			(53,872	)
Net deferred tax assets (after offsetting)			56,027				68,292

Summary of reconciliations of differences between prc statutory income tax rate and group's effective income tax rate

Reconciliations of the differences between PRC statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2017, 2018 and 2019 are as follows:

		Year Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Statutory income tax rate			25.00	%			25.00	%			25.00	%
Non-deductible expense			2.57	%			2.62	%			6.66	%
Research and Development expense super deduction			(0.31	%)			(1.44	%)			(2.97	%)
Effect of tax holiday			(4.24	%)			(12.87	%)			(18.86	%)
Different tax rate of entities operating in other jurisdiction			0.00	%			0.00	%			(0.07	%)
Valuation allowance			0.00	%			0.00	%			0.32	%
Change in tax rate			0.79	%			0.00	%			(3.13	%)
True up			0.00	%			0.00	%			(0.40	%)
Effective tax rate			23.81	%			13.31	%			6.55	%

Summary of effect of tax holiday

The effect of the tax holiday on the income per share is as follows:

		Year Ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Tax saving amount due to HNTE status			29,739				90,819				106,516
Tax saving amount due to other jurisdiction			—				—				(411	)
Income per share effect-basic and diluted			0.15				0.45				0.52

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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