Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
VAT Rates Increase for CN 3 Major Telecoms; Experts Predict Possible Price Hike for Broadband Access
Recommend 31 Positive 51 Negative 42 |
||||
|
||||
|
CHINA MOBILE (00941.HK), CHINA UNICOM (00762.HK), and CHINA TELECOM (00728.HK) announced that, as China's Ministry of Finance and the State Administration of Taxation issued an announcement on the specific matters concerning the scope of VAT taxation, effective 1 January, the business activities in mainland China utilizing fixed networks, mobile networks, satellites and the internet to provide mobile data services, SMS and MMS services, and internet broadband access services will have their tax category adjusted from value-added telecom services to basic telecom services, with the corresponding VAT rate adjusted from 6% to 9%. Since the VAT rate for 'phone calls' was already 9%, prior to this adjustment, voice calling services will not see price hikes, Ge Yuyu, Associate Professor at the Shanghai National Accounting Institute, said. However, businesses such as broadband access and text messaging, whose tax rate has risen from 6% to 9%, may experience price hikes. AASTOCKS Financial News Website: www.aastocks.com |
||||
Copied to Clipboard
 |
||||
