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#1 26-01-2019 09:35:35

Registered: 15-12-2015
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Ozspy Security Solutions
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China’s top economic planner has punished four heating companies for violating pricing rules as it urged local governments to protect public rights amid rising demand in winter.

The National Development and Reform Commission found the heating companies in Heilongjiang, Zhejiang, Sichuan and Shandong provinces breached pricing rules in an investigation which started on December 19 Cheap Preston Smith Jersey , the NDRC said yesterday.

The Heilongjiang company had imposed additional charges of 361,200 yuan (US$55,205) on users when they joined the heating network, while the firms in the other three provinces had arbitrarily demanded higher heating prices and made a profit of over 718 Cheap Brandon Scherff Jersey ,100 yuan.

All the firms have been asked to pay back the illegal income to the users or to hand in it to the local governments. The Heilongjiang firm was also fined 541,900 yuan.

China aims to ensure public rights by monitoring heating prices and supplies, and ordering local governments to beef up investigation into pricing violations.

China’s heating demand has been surging during winter, “especially raising the natural gas prices” after the government asked users to switch from coal to gas Cheap Josh Doctson Jersey , the commission said.

The NDRC has also started an antitrust investigation on December 20 in 17 natural gas heating companies.

BEIJING, Dec. 28 (Xinhua) -- China's Ministry of Finance (MOF) said Thursday it will exempt foreign companies from paying provisional withholding income tax on profits they re-invest in the country.

The news comes as the Chinese government is moving to attract foreign investors after a host of countries unveiled similar measures to lure foreign and domestic investment.

Foreign companies play an increasingly important role in boosting China's economy and promoting industrial and technological upgrades. The new policy will provide a better environment for foreign companies in the long-run, encourage them to continuously expand investment in China and boost win-win cooperation, the MOF said on its website.

The exemption is effective from January 1 Cheap Montae Nicholson Jersey , 2017, meaning taxes paid this year will be refunded.

Foreign companies must meet a string of conditions to be eligible for the exemption, including direct investment into sectors encouraged by the Chinese government, and investment returns must be transferred directly to invested companies.

Countries are competing to attract foreign investment with a mixture of incentives including tax cuts and easier market access.

Spokesman of China's Ministry of Commerce (MOC) Gao Feng said earlier this month that China will remain a popular destination for foreign investment Cheap Jonathan Allen Jersey , due to economic stability, market potential and further opening up.

"Tax policy is an important factor in investment decisions, but it is not necessarily a decisive one," he said. "Economic stability Cheap Derrius Guice Jersey , market potential and business environment of the target country are also important factors for investors to consider."

China implemented a revised foreign investment catalogue earlier this year, which relaxed restrictions on foreign investment in a number of industries.

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