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  1. Tax breaks for mainland firms in go-global push

    Posted Jul 04th 2012, 12:00am

    ... Toh Han Shih hanshih.toh@scmp.com The central government has announced a series of measures, including tax exemptions, to encourage private mainland companies to invest abroad. A joint declaration by 13 government departments- including the National Development and Reform Commission (NDRC), the Ministry of Foreign Affairs, the Ministry of Commerce and the People's Bank ...

  2. China Petrochemical escapes full resource tax

    Posted Oct 15th 2011, 12:00am

    ... Eric Ng eric.mpng@scmp.com China Petrochemical, the mainland's second-largest oil and gas producer, will not have to pay the full resource tax rate as Beijing plans to charge less ... an average resource tax rate of 3.7 per cent, Bloomberg reported. This is lower than the 5 to 10 per cent range announced by the State Council on Monday under a reform of the tax that will take ...

  3. Taxing times for mainland oil firms

    Posted Oct 13th 2011, 12:00am

    ... Charlotte So charlotte.so@scmp.com Mainland oil companies are pinning their hopes on relief measures by Beijing to offset their increasing tax burden. An executive from the country's second-largest oil company, China Petrochemical, better known as Sinopec, told Reuters that the government would raise the threshold for the windfall tax on domestic oil and gas production, which is now ...

  4. Russian IPO fizzle shows limit of HK global plan

    Posted Jul 02nd 2012, 12:00am

    ... jurisdictions' recognised by Hong Kong Exchanges and Clearing (HKEx) and listed on its website. (Rusal itself was technically incorporated in Jersey, a British tax haven). This isn't all about ... a compelling reason to float in Asia. Investors haven't been fooled. Could it be the markets are rational after all? Philippe Espinasse, a former investment banker, is the author of IPO: A Global ...

  5. Row over Cheung Kong chief's tax blog escalates

    Posted Apr 30th 2011, 12:00am

    ... Fanny W. Y. Fung A powerful developers' group and the government are at loggerheads over Cheung Kong Real Estate director William Kwok Tze-wai's comment that a measure to curb property speculation would not dampen buyer sentiment. The Real Estat ...

  6. Xinjiang revises tax on oil and gas output

    Posted Jun 03rd 2010, 12:00am by Eric Ng

    ... Eric Ng Xinjiang has become the first region on the mainland to revise its resources tax on oil and natural gas, which will bring the provincial government billions of yuan in extra revenue a year. The tax revision was seen as a move to address the widening wealth gap between the poor but resources-rich inland region and the prosperous coastal areas. Producers of crude oil ...

  7. Oil levy payment points to 29pc drop in CNPC pre-tax earnings

    Posted Jan 21st 2009, 12:00am by Eric Ng

    ... China National Petroleum Corp (CNPC), the country's largest oil and gas producer, may have recorded a 29.1 per cent decline in pre-tax profit last year, a mainland newspaper said. The parent of listed PetroChina paid just over 85 billion yuan (HK$96.4 billion) to the central government last year in oil revenues special levy, a form of windfall tax, China Business News quoted ...

  8. Insurers gain as tax cut boosts earnings outlook

    Posted Apr 25th 2008, 12:00am by Staff Reporter

    ... Natalie Chiu Shares of mainland insurers rose for the third consecutive day yesterday on hopes that Beijing's decision to cut the stamp duty on trading will help reclaim some of their investment losses caused by the recent weakness in the A-share mar ...

  9. Pre-tax profits at mainland banks jump 83pc to record 610b yuan

    Posted Feb 27th 2008, 12:00am by Tom Miller

    ... Tom Miller in Beijing Mainland banks bucked the global trend by earning a record 610 billion yuan in pre-tax profits last year, buoyed by strong loan expansion and fees derived from the booming stock market, according to a preliminary estimate. Industry pre-tax earnings surged 83 per cent from 333 billion yuan in 2006, with earnings at the big four state-owned banks breaking ...

  10. Price controls, tax crimp profit at oil leaders

    Posted Apr 29th 2008, 12:00am by Eric Ng

    ... Eric Ng PetroChina posted a 31.5 per cent fall in first-quarter profit as tight government controls on fuel prices and high production tax crimped the nation's largest oil and gas ... fuel. Adding to the problem is the windfall tax on revenue from oil production levied by the government. Sinopec, the country's largest refiner, paid 5.5 billion yuan more on tax ...




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