China Accounting News Weekly[No.258]
Posted by:Admin|Published:06/03/2015 00:00|hits:53

  6% of the list company chairmen have a background in finance or accounting

  Among whom 110 hold relevant qualifications and certificates, 77 had taken senior positions in finance and accounting, 41 had other work experience in finance and accounting, and 11 had worked in a public accounting firm.

  6 SOEs controlled by central government will complete self-examination and will carry out tax auditing going forward

  A number of companies are required to carry out taxation risk management In 2015, including CNOOC, China South Industries Group Corporation, Shenhua Group, China Unicom, China State Construction Engineering Corporation and China Life Insurance Group. Led by the Large Enterprise Division of the State Taxation Bureau, the auditing was started from February 2015 and will be divided into six stages in a one year period, including information and data collection stage, risk identification stage, risk self-checking stage, file auditing stage, on-site auditing stage and feedback and improvement stage.

  Local favorable tax policy reverses in 150 days

  The rationale behind circular No. 25 and No. 62 is that in response to the economic downside pressure, China is making compromise in order to ensure economic growth, said a person at a provincial level finance bureau. Circular No.25 refers to the Notice of the State Council on Some Favorable Policies Including Taxation released on May 11, 2015. In contrast, Circular No. 62 refers to another notice released half year ago on December 10, 2014 which is named Notice of the State Council on Supervising and Regulating Some Favorable Policies Including Taxation.

  Distribution of the tax burden in China by industry and its effect

  The tax burden averages RMB21.09 for every RMB100 of GDP in 2013, among which the primary industry represents only RMB0.28, the secondary industry averages RMB22.72, including RMB23.62 for manufacturing sector and RMB17.85 for construction sector, the tertiary industry averages RMB24.06, slightly higher than that of the secondary industry, including RMB28.51 for wholesale and retail sector, RMB35.30 for financial sector, and as high as RMB46.73 for real estate sector.

  A-share list companies on the main board are showing more signs of financial risk

  A recent research report from the Ministry of Commerce shows that the A-share companies have seen general fall in results with the financial safety level at the lowest in nearly five years, leading to an obvious divergence between the situation of the real economy and the performance of the stock market. The overall financial safety is stable for SME List Company, while GEM still offers certain investment value in terms of financial safety though it has hit record highs successively since the start of the year.

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