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The national tax inspection has exposed 12 large enterprises and more than 3,000 to be investigated
The
The tax inspection focuses on 12 large enterprises with more than 3,000 enterprises to be inspected, 10 of which are financial enterprises and 2 are power generation enterprises In the first half of the year, the tax inspection storm of large enterprise groups has "won the first battle". Among the first 24 self-inspection large enterprise groups, 12 have been spot-checked by the state administration of taxation, among which 10 are financial enterprises and 2 are power generation enterprises. From April this year, the state administration of taxation launched the first batch of 24 large enterprise groups of tax self-inspection action. Under the arrangement, large conglomerates would first have to conduct a self-examination of their tax records for the three years from 2005 to 2007. At present, the self-inspection stage has ended and is stepping into the second stage of the tax department's inspection. In the case found out during the self-inspection, the supplementary tax, late payment fine, no fine, self-inspection of the unpaid tax should be paid after the confirmation of the inspection department, on-site storage. The state administration of taxation will conduct spot checks on large enterprise groups that are not satisfied with the self-inspection, and the third stage will be the focus of the inspection by the tax authorities. CBN reporters learned that the first batch of identified problems of 12 enterprises, including individual income tax and corporate income tax and other aspects. The state administration of taxation has summarized these problems and sent them to the provincial tax inspection departments as a reference for the random inspection and inspection of the second batch of enterprises. It is understood that the state administration of taxation will strive to complete in the future 3108 large enterprise groups all the inspection work, "for all the inspection." An official from the inspection department of the state administration of taxation told an industry conference recently. Identified a number of tax problems The tax problems of the enterprises are mainly concentrated in the following aspects: enterprise income tax, and the enterprise groups and their member enterprises did not pay individual income tax for the workers who exceed the standard to pay the subsidies such as communication fee and transportation fee. In terms of corporate income tax, a branch of shenzhen development bank in the pearl river delta has problems, including not paying corporate income tax in accordance with regulations after receiving government incentives. Head office delimit poundage income did not pay enterprise income tax according to regulations. One branch of China citic bank (5.16,0.03,0.58%) in north, central and south China was found to have corporate income tax problems, including paying overseas loan interest without withholding income tax, cashed in national debt spread income in advance, and declared tax-free as national debt investment income. Bank of communications (8.51,-0.01,-0.12%) two branches in western provinces did not make tax adjustment for expenses of a hospitality nature included in operating expenses; The amount of taxable income received by the government in 2005 is not included according to the regulations. In addition to the corporate income tax, the individual income tax is also the focus area of the enterprise problems. One kind of phenomenon is, the enterprise pays all sorts of welfare such as compensatory endowment insurance, housing allowance to did not include individual income to levy taxes for the worker. According to individual income tax law, these income must include individual income, pay individual income tax. Shenzhen development bank branch in an eastern city, China united insurance headquarters, China citic bank wuhan, tianjin and guangzhou branches, different degrees of supplementary endowment insurance, housing subsidies, car reform subsidies, transportation subsidies and other welfare costs are not included in the individual income tax. In addition, the enterprises were spot-checked over the standard expenditure of various welfare expenses is also very prominent. China life insurance (28.11,0.30,1.08%), an insurance company in anhui, zhejiang and chongqing, has the problem of over-standard expenses for staff transportation and communication. The subsidiary company of huadian group plans and withdraws housing accumulation fund, employee welfare fund, labor union fund and employee education fund beyond the standard. China Pacific insurance (16.16,0.47,3.00%) the subsidiary companies of the insurance group overpaid various expenses, including telephone bills, commissions, wages and benefits. In addition, in the operating expenses and other items listed in the enterprise employee welfare and subsidies are more prominent. China citic bank in the office costs, repair costs listed employee subsidies and incentive costs, China everbright bank branches in the operating costs
Steel prices continued to fall spot iron ore imports in the recent biggest daily decline
Steel
1128/5000 Every via reporter zhou xiaofang sends from Beijing 25, steel prices continue to decline. According to market monitoring, yesterday, the Beijing market rebar batch price down 70 yuan/ton ~120 yuan/ton, the price maintained at 4000 yuan/ton ~4100 yuan/ton, 25mm rebar price for 4000 yuan/ton, down 100 yuan/ton. From the steel electronic trading market, Lange electronic trading market opened sharply. Yesterday, imported spot iron ore prices hit a recent period of the biggest daily decline, down $4 / ton. In addition, Shanxi Province issued a supplementary notice on coke price in August, which lowered the coke price by 20 yuan/ton. The dollar fell 4 dollars per ton, the biggest daily decline Affected by the drop in steel prices, starting from August 17, spot iron ore import prices began to fall. In this round of iron ore rising process, the highest price appeared on August 10, 109 dollars/ton ~112 dollars/ton, until yesterday, compared with 14 dollars, down 14.29%; Yesterday's drop of $4 was the biggest one-day drop in two weeks. "And spot iron ore price conduction has a lag, will continue to fall." Zhou xizeng, chief steel analyst at citic securities (27.79,0.52,1.91 percent), told China national business daily. Correspondingly, the shanxi coking industry association (8.84,0.09,1.03%) also lowered the industry guidance price accordingly. A few days ago, shanxi coking industry association issued a supplementary notice of coke price guidance in August, said in the coke quality in August to sulfur 0.7, ash 12.5 as the benchmark, the price in the car plate tax price of 1880 yuan/ton on the basis of the initiative to reduce 20 yuan/ton, under the guarantee of payment, the settlement price of 1860 yuan/ton. The coking industry association of Shanxi Province said that according to experts' forecasts, steel output in the fourth quarter will fall back, and suggested that more efforts should be made to limit production. The association believes that to increase the limit is also to curb the coking coal prices disorderly market demand and means, therefore, called on the whole industry to restore the limit of 60% ~ 70% range, reduce losses. There are already traders selling goods at low prices According to the united metal network coal coke researcher wang ling, due to the downstream steel prices callback, the current southern steel mills have reduced the fuel price, such as guangzhou region to the coke price down 150 yuan/ton, other regions are planning to reduce about 100 yuan/ton price policy; Current north steel mill also put forward to reduce price policy, nevertheless the range is not decided now. Zhang Lin, steel analyst at Lange, said the feedback from individual mills showed that, having learnt the lessons of last year's "high inventories", both large and small mills were keeping low inventories of raw materials. Traders are already selling at low prices as expectations of a fall in iron ore prices strengthen. Zhou xizeng said, the early steel price short - term impact, to the enterprise brought a high - profit short - term. But in the process of falling steel prices, steel companies' profits began to fall. According to the calculation, the iron and steel enterprises can still maintain the profit, but the profit is reduced, and the falling prices of raw materials for the iron and steel enterprises to increase part of the profit space. Zhou xizeng said that due to the small number of new houses built in the second half of last year to the first half of this year, the sales volume has been soaring, even if the destocking is basically in place, it is expected that the new houses in September will drive the demand for steel. Zhou xizeng expected that the steel price correction or near the end of the basic. However, there are industry insiders pessimistic that the recovery in steel prices may continue to delay.
Commerce ministry officials said nearly 80 percent of central soes have made profits from overseas investment
Commerce
Our reporter geng yanbing reports from Beijing "Special protection (special safeguard measures)", "double countervailing duty (anti-dumping and countervailing duty)"... Since the beginning of this year, these professional words in international trade have been stirring the nerves of many industries in China. "China has been the country suffering the most anti-dumping investigations in the world for 14 consecutive years, and the country suffering the most countervailing investigations in the world for three consecutive years." Yang yi, director of the industrial injury investigation bureau of the ministry of commerce, told the financial times that recently, he led the investigation team to gansu, hubei and other provinces to investigate the damage of enterprises. "How to make rational use of the international prevailing rules and promote the healthy and rapid development of the industry is an important task facing the government, the industry and the enterprises." In the interview, he said that the industry and enterprises should fully build and make use of the platform of the industry briefing, and timely report problems encountered in the development to the industry damage bureau, so as to realize the joint efforts of the three parties and safeguard their rights and interests. The endless trade protection measures are the helpless pressure faced by Chinese enterprises, but Yang yi believes that Chinese enterprises should have the motivation to "face up to the difficulties". "Gather advantages, transform and upgrade, and enhance the international competitiveness of industries" -- Yang yi borrowed the theme of the 6th BBS conference on the international competitiveness of Chinese industries to be held on October 28. The BBS was jointly convened by the ministry of commerce, the ministry of industry and information technology and the Shanghai municipal people's government. There are three topics under BBS. One is "industrial competition: changes and prospects in 60 years". Second, "financial crisis: breaking through global trade protectionism"; Third, "overseas m&a: the strategic choice of 'going out'". These topics will be the focus of the current industrial economic development of in-depth discussion, will be of great reference significance to enhance the international competitiveness of China's industry. He believes that the current international financial crisis has gradually deepened and spread its impact on the real economy, and the international trade situation has become more complex and volatile. However, the strong financing demand of enterprises in developed countries after the financial crisis has created opportunities for Chinese enterprises to conduct overseas mergers and acquisitions, and made Chinese enterprises face good opportunities for overseas expansion through mergers and acquisitions. "From the overall profit and loss situation of overseas enterprises set up by central enterprises, profit enterprises account for 79.9 percent." Tengzhong's said. 117 central soes have invested overseas "21st century" : the global financial crisis has gradually deepened its impact on China's industry. Under this background, the new situation and features of global trade protectionism have put forward new requirements for improving industrial competitiveness. As enterprises and industries, how to enhance international competitiveness? Yang yi: adjusting industrial structure, agglomeration advantage and transformation and upgrading are the key points to further enhance the international competitiveness of China's industries. While maintaining growth, enterprises should pay more attention to promoting structural adjustment, resolutely curb overcapacity and redundant construction in some industries, and vigorously develop high-tech industries and service industries that meet market demand. 21st century: we have noticed that the BBS on 28th focuses on the "overseas m&a" of enterprises. The financial crisis revalued the overseas asset prices, and domestic enterprises chose to "go out" at this time. What are their achievements? Yang yi: enterprise merger and acquisition is the main means for enterprises to achieve rapid development and carry out global operation, as well as an important strategic tool for acquiring other enterprise technologies, markets and other resources. According to the ministry of commerce, by the end of 2008, 117 of the 136 central soes under the supervision of the state-owned assets supervision and administration commission had conducted fdi, accounting for 86% of the total number of central soes. In terms of the overall profit and loss of overseas enterprises set up by central enterprises, profit enterprises account for 79.9%, basically unchanged 2.5%, and loss enterprises account for 17.6%. 21st century: how to provide policy support for those enterprises with merger intention? Yang yi: in the "implementation of the strategy of going global", China has clearly put forward that it supports
Property market to save the majority of the end of the policy to terminate the Shanghai rong frequency is now a centralized transaction
Property
According to the Shanghai securities news, will the temporary real estate preferential policies introduced in 2008 in response to the financial crisis be terminated by the end of this year as scheduled? An authority inside Shanghai course of study discloses, include accumulation fund inside favourable policy affirmation will stop. Affected by this expected, Shanghai, chengdu and other places property market turnover rose sharply. "According to the current structure of supply and demand, the government is not worried about the cancellation of preferential policies will seriously affect the property market transactions. But the cancellation should be a gradual process, some policies involving the rigid demand for ordinary commercial housing will be flexible, but some policies conducive to investment will be stopped first. Above personage reveals, average commodity house buys a house to pay only 1% agree duty policy may cancel, accumulation fund and other favourable policy also may stop at this point, the policy that the country sets such as business tax also may stop in the round very much, only partial local taxes kind and credit policy are put in the likelihood of small fine tuning. Experts said the expected expiration of preferential policies contributed to the high volume. In the past week, the volume of commercial residential buildings in Shanghai surged by 51.44 percent to 513,700 square meters, the highest level in 17 weeks, and the transaction volume directly returned to the June level at the peak of the current housing market, according to e-house China ·CRIC system. As of 18:00 yesterday evening, Shanghai 26 new housing transactions reached 1130 sets, becoming another thousand set transaction day. "It is normal for the daily transaction volume in Shanghai to be around 500 sets. This phenomenon of daily transaction exceeding 1,000 sets occurs frequently, which is not sustainable for the real estate market." Shanghai a large housing enterprise told reporters. In Beijing, according to Beijing centaline real estate executives, "due to the expectation that the policy will soon expire, the transaction volume has not dropped significantly in the near future. Can foresee, to the beginning of next year, the volume decline will be reflected more obviously. Chengdu respect, institution of old and well-known family offers data to show to this newspaper, up to now, the commodity house of chengdu October clinches a deal the area 865,000 square metre. According to this situation, October will exceed the volume of September, a new high turnover this year. In a new development, chengdu's property prices, which did not surge in the first half of the year, have been climbing since September. "At present, the average transaction price in the main urban area is around 6,300 yuan, nearly 1,000 yuan more than at the beginning of the year. Most have risen in the past month. Family institutions analyst fan bangyong said. At the end of 2008, the general office of the state council issued several opinions on promoting the healthy development of the real estate market. Since then, dozens of local governments in Shanghai, Beijing and other large and medium-sized cities have also introduced incentive policies within the scope of local authorities such as local taxes. It is understood that the deadline for almost all preferential policies is locked in December 31, 2009. "If the preferential policies stop, the cost of some second-hand housing transactions may be tens of thousands of yuan more." The broker of a surname zheng of Beijing zhongyuan house property introduces, with a total price the average commodity house of 2 million yuan is calculated, press preferential period policy, its sell can avoid pay business tax. But once the discount ends, the business tax will be paid at 5.5% of the difference. (editor qiu jiang, journalist yu bingbing)
Media reports say China plans to buy 140 high-speed trains for 45 billion yuan
Media
Beijing, Oct. 27 (wang dong) -- Japan's kyodo news agency reported today that China's ministry of railways has decided to buy Japan's Kawasaki Heavy Industries Ltd. The technical support of 140 high-speed locomotives, which can run at up to 350 kilometers per hour, will be used on the beijing-shanghai high-speed railway and the beijing-guangzhou high-speed rail line. The kyodo report said the ministry of railways had made a deal for up to rmb45bn (604bn yen) with Nanche Sifang Locomotive, an operator of China southern Locomotive (4.70,-0.07,-1.47 per cent). CSR sifang is the Chinese partner of Japan's kawasaki heavy industries and the only domestic company licensed by kawasaki to produce KHI high-speed locomotives. Kyodo news agency reported that the high-speed train trains being purchased by the ministry of railways will use technology developed by kawasaki heavy on the Hayate high-speed trains that currently run on the tohoku-shinkansen northeast Shinkansen. Some Japanese companies will also benefit from the contract because some parts of the high-speed locomotives, such as engines and brakes, will be imported from Japan. China is currently building a high-speed railway on a large scale. The high-speed railway linking Beijing and tianjin was completed and opened to traffic on the eve of the 2008 Beijing Olympic Games. The high-speed railway from Beijing to guangzhou will be completed and open to traffic in 2012. According to the ministry of railways tasks set out in the "long-term railway network planning", in 2020, complete the basic modernization of railway, passenger dedicated line will reach more than 12000 kilometers, all capital cities and between the large and medium-sized cities have fast passenger railway, in bohai sea, Yangtze river delta and the pearl river delta region will form the inter-city fast passenger public transport network.
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