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China Tower (00788.HK): First quarter revenue was RMB 25.146 billion, up 1.5% year-on-year; profit attributable to shareholders of the company was RMB 3.985 billion, up 31.8% year-on-year.On April 17th, the Ministry of Finance and the State Administration of Taxation announced adjustments to the scope of goods eligible for VAT and consumption tax refunds in the Pingtan Comprehensive Experimental Zone. Goods sold from the mainland to Pingtan via the "second line" that are related to production are considered exports and are eligible for VAT and consumption tax refunds according to current tax policies. However, the following goods are excluded: 1. Export goods that are not eligible for VAT refunds (exemptions) or tax exemptions as stipulated by the Ministry of Finance and the State Administration of Taxation. 2. Goods purchased for commercial real estate development projects in Pingtan. Commercial real estate development projects refer to the construction (including renovation and expansion) of hotels, restaurants, office buildings, villas, apartments, residences, commercial shopping venues, entertainment venues, restaurants, and other commercial real estate projects. 3. Other goods sold from the mainland to Pingtan that are not eligible for tax refunds. See the appendix for the specific scope. 4. Goods purchased by enterprises whose tax refund or tax exemption qualifications have been revoked according to relevant regulations.On April 17, the China Securities Regulatory Commission (CSRC) publicly solicited opinions on the "Measures for the Determination of Illegal Gains in Administrative Penalty Cases of the China Securities Regulatory Commission (Draft for Comment)." The CSRC stated that when a party commits two or more similar illegal acts, with both profits and losses from different acts, whether to offset profits and losses when calculating illegal gains is a key issue in the draft, particularly evident in market manipulation cases. The draft measures stipulate that illegal gains from two or more independent illegal acts should be calculated separately, and profits and losses from different acts should not be offset against each other.April 17th - According to foreign media reports, fuel prices have recently surged across the United States, and gasoline inventories in California have fallen to record lows. Analysts warn that the full impact of supply disruptions caused by the Strait of Hormuz closure on California has not yet materialized. According to data from the American Automobile Association (AAA), as of Thursday, California drivers were paying an average of $5.86 per gallon for fuel, the highest in the nation, far exceeding the national average of $4.09 per gallon. Analysts say that because California relies on refined petroleum products from Asia, supply tightness is expected to worsen further, making California one of the first regions in the U.S. to feel the supply shock from the Strait of Hormuz closure. A spokesperson for the California Energy Commission stated, "The Commission is in close communication with all refineries in the state to ensure sufficient transportation fuel supplies during this turbulent period of supply contraction caused by the actual closure of the Strait of Hormuz."Indian government officials predict that demand for liquefied petroleum gas (LPG) in India will decline during the summer.