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Stocks edge up on VAT reforms
By Ye Zhen |
July 26, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning on the government's move to widen a value-added tax reform trial to more cities in an effort to reduce tax burden and boost growth.
The benchmark Shanghai Composite Index added 0.2 percent, or 4.35 points to 2,140.50 points. Turnover stood at 22.4 billion yuan (US$3.6 billion) by the noon break.
The government will expand a VAT pilot reform in transportation sector and other service sectors to 10 cities and provinces, including Beijing, Tianjin, Jiangsu, and Zhejiang, starting from August 1, the State Council said in a statement yesterday.
The trial was first implemented in Shanghai on January 1 this year. The reform aims to shift business tax levied on overall revenue to a VAT to avoid double taxation.
Analysts welcome the reform as it will reduce firms' tax burden and boost business confidence, which is helpful to the development of related sectors in the long term.
Electrical companies led the market gains. Guizhou Changzheng Electric Co rose 2.5 percent to 12.95 yuan. Fengfan Stock Limited Co increased 1.8 percent to 8.31 yuan.
Most coal producers rose in morning trading. Shanxi Lanhua Sci-Tech Venture Co climbed 2.3 percent to 19.43 yuan. Yang Quan Coal Industry (Group) Co gained 2.1 percent to 15.40 yuan. While China Shenhua Energy Co, the nation's biggest coal producer shed 0.2 percent to 21.64 yuan.
Property developers continued a weak run. China Vanke, the nation's biggest developer, fell 1.2 percent to 8.99 yuan. Poly Real Estate, the second largest developer, dropped 2.7 percent to 10.85 yuan. Gemdale Corporation retreated 2.6 percent to 5.72 yuan.
The benchmark Shanghai Composite Index added 0.2 percent, or 4.35 points to 2,140.50 points. Turnover stood at 22.4 billion yuan (US$3.6 billion) by the noon break.
The government will expand a VAT pilot reform in transportation sector and other service sectors to 10 cities and provinces, including Beijing, Tianjin, Jiangsu, and Zhejiang, starting from August 1, the State Council said in a statement yesterday.
The trial was first implemented in Shanghai on January 1 this year. The reform aims to shift business tax levied on overall revenue to a VAT to avoid double taxation.
Analysts welcome the reform as it will reduce firms' tax burden and boost business confidence, which is helpful to the development of related sectors in the long term.
Electrical companies led the market gains. Guizhou Changzheng Electric Co rose 2.5 percent to 12.95 yuan. Fengfan Stock Limited Co increased 1.8 percent to 8.31 yuan.
Most coal producers rose in morning trading. Shanxi Lanhua Sci-Tech Venture Co climbed 2.3 percent to 19.43 yuan. Yang Quan Coal Industry (Group) Co gained 2.1 percent to 15.40 yuan. While China Shenhua Energy Co, the nation's biggest coal producer shed 0.2 percent to 21.64 yuan.
Property developers continued a weak run. China Vanke, the nation's biggest developer, fell 1.2 percent to 8.99 yuan. Poly Real Estate, the second largest developer, dropped 2.7 percent to 10.85 yuan. Gemdale Corporation retreated 2.6 percent to 5.72 yuan.
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