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Energy: New energy development
(Chinanews.cn)
Updated: 2006-03-30 14:39 According to Vice Minister of
Finance Zhu Zhigang, related departments of the Chinese government are studying
some concrete taxation policies to strengthen protection of resources and the
environment, and one of the policies is to allow enterprises engaged in new
energy development and utilization to draw a provision of risk before tax
payment.
Zhu made the above remarks when delivering a speech at a public activity in
Hong Kong on Tuesday. He said that China was trying to reduce petroleum import
and energetically carrying out new energy research and development, such as
coal-to-oil conversion, straw-to-alcohol transformation, as well as new
energy-saving methods in heating and air-conditioning.
This policy will reduce the amount of taxable revenue of related enterprises,
which means they will benefit from this referential policy to a certain extent
in terms of income tax.
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