13 Dec 2007
Tobacco, oil, power, telecoms and other must pay 10% of their profits into state coffers, the Ministry of Finance has stipulated. The MoF this week promulgated a new ruling on profits from central government enterprises, Beijing Business Today has reported.
According to the regulations, the tax payable by central enterprises will vary according to the sector. Tobacco, oil, power, telecoms and coal enterprises will all pay 10%. Iron and steel, transport, electronics, trade and construction pay 5%, the MoF said.