New Tax Ex­emp­tion

Beijing Review - - This Week Economy -

China’s Min­istry of Fi­nance (MOF) said on March 20 that the coun­try will waive in­come taxes for over­seas in­vestors trad­ing yuan-de­nom­i­nated crude oil fu­tures con­tracts.

The tax ex­emp­tion, which is to take im­me­di­ate effect, will cover both in­sti­tu­tional and in­di­vid­ual in­vestors, MOF said on its web­site.

Over­seas bro­ker­age firms will also be ex­empted from pay­ing in­come tax on the com­mis­sions they earn from deal­ing in the new fu­tures con­tracts.

An­a­lysts said that the move aims to at­tract players to the muchan­tic­i­pated launch of the new yuan­de­nom­i­nated crude oil fu­tures con­tracts on March 26.

The MOF said that the coun­try will waive in­come tax for three years for over­seas in­di­vid­ual in­vestors, but did not spec­ify the pe­riod of ex­emp­tion for in­sti­tu­tional in­vestors.

The tax ex­emp­tion will also ap­ply to other com­mod­ity fu­tures con­tracts which are open to over­seas in­vestors as ap­proved by the State Coun­cil, the MOF said. smart­phone com­pany, Guang­dong OPPO Mo­bile Telecom­mu­ni­ca­tions Corp., into its com­mu­nity of global part­ners.

“OPPO, a leader in global con­sumer elec­tron­ics, is well-known for pro­duc­ing smart­phones in­cor­po­rat­ing in­no­va­tive tech­nolo­gies,” said Andy Sher­man, executive vice pres­i­dent and cor­po­rate sec­re­tary of Dolby Labs, whose com­pany is fa­mous for spe­cial­iz­ing in au­dio noise re­duc­tion, en­cod­ing and com­pres­sion.

The part­ner­ship be­tween the two firms will en­com­pass Dolby’s HighEf­fi­ciency Ad­vanced Au­dio Cod­ing and JPEG-HDR tech­nolo­gies.

Dolby Labs said that its agree­ment to share IP-based au­dio-vis­ual tech­nol­ogy with OPPO will help the Chi­nese smart­phone firm es­tab­lish a trans­for­ma­tional tech­nol­ogy ecosys­tem.

Adler Feng, direc­tor of OPPO’s IP De­part­ment, hailed the firm’s co­op­er­a­tion with the San Fran­cis­cobased com­pany, say­ing it will en­able OPPO to cre­ate more re­mark­able smart­phones with ex­cit­ing tech­no­log­i­cal in­no­va­tions and spec­tac­u­lar user ex­pe­ri­ences.

Since its es­tab­lish­ment in 2001, OPPO, one of the world’s lead­ing smart­phone man­u­fac­tur­ers head­quar­tered in Shen­zhen, has been fa­mous for its smart­phone cam­eras and mo­bile photography which has en­joyed huge pop­u­lar­ity among peo­ple around the world.

An In­ter­na­tional Data Cor­po­ra­tion re­port showed that OPPO was ranked as the No. 4 smart­phone brand world­wide in 2016.

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