日韩午夜精品视频,欧美私密网站,国产一区二区三区四区,国产主播一区二区三区四区

Home / English Column / Business (new) / In Industry / Finance Tools: Save | Print | E-mail | Most Read
ICBC Gets Tax Break Ahead of Listing
Adjust font size:

The Industrial and Commercial Bank of China, the country's biggest lender, will receive several large tax breaks from the government to pave the way for its initial public offering later this year.

 

"ICBC can enjoy preferential tax policies from financial authorities to boost its restructuring and listing plan," the State Administration of Taxation said in a notice posted on its Website.

 

The bank must reevaluate all of its assets before listing, but the added value of the assets will be exempt from corporate tax, the notice said. That means the bank won't be taxed on paper profits earned from assets that have grown in value since they were purchased, such as real estate.

 

The bank's depreciation fees based on after-evaluation assets will also be exempt from taxes, the notice said.

 

"The tax credit, a common practice for big state-owned banks seeking listing, will make ICBC more attractive ahead of its listing debut," said Qiu Zhicheng, a Haitong Securities Co analyst.

 

The Beijing-based bank is expected to rake in about US$20 billion in a dual listing in Hong Kong and Shanghai at the end of October.

 

The bank controls 16 percent of the country's US$4.9 trillion in banking assets. The lender operates more than 18,000 branches nationwide serving over 150 million customers.

 

China Construction Bank, the Bank of China and the Bank of Communications received similar tax breaks before they went public.

 

Tax credits from the Ministry of Finance and the top tax authority reduced Shanghai-based BoCom's tax bill by 2.55 billion yuan.

 

ICBC previously received a US$15 billion bailout from the government in 2005.

 

(Shanghai Daily August 31, 2006)

 

Tools: Save | Print | E-mail | Most Read

Related Stories
ICBC (Asia) Sets Sights on Expansion
ICBC Launches First QDII Product
ICBC Set for US$3.75b Shares Sale
ICBC Paves Way for Dual Stock Listings
Bank Gets 'Public' Go-Ahead
?
SiteMap | About Us | RSS | Newsletter | Feedback
SEARCH THIS SITE
Copyright ? China.org.cn. All Rights Reserved ????E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP證 040089號
主站蜘蛛池模板: 紫金县| 平山县| 鄄城县| 大城县| 多伦县| 蒙阴县| 丹阳市| 水城县| 博白县| 巢湖市| 渑池县| 来安县| 藁城市| 溧水县| 和田市| 铜陵市| 彩票| 新疆| 崇州市| 五大连池市| 雅安市| 竹北市| 呼伦贝尔市| 聂拉木县| 鄂伦春自治旗| 衢州市| 福清市| 莱阳市| 淮滨县| 微博| 泰顺县| 江山市| 青海省| 红原县| 普兰店市| 兴海县| 吉木乃县| 太和县| 会理县| 安宁市| 嘉黎县|