New Tax Exemption
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.