Beijing puts 5% tax on profits of state steel mills

Dec 12, 2007 | 02:07 PM |

The Chinese government has slapped a 5-percent tax on the profits of state-owned steel enterprises, effective immediately, a finance ministry official said.

The tax affects all state-owned companies, according to a notice posted on the finance ministry website.

The tax rate is likely to be adjusted with the economic situation, the official said. "Our purpose is to find a better way to manage state-owned assets. We will collect the 5 percent and possibly return it to society through many ways,....

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