If you look at "NOTE 11 - TAXES" in the filing they say that they have a tax holiday that ends this financial year... they then go about throwing lots of tax % left right and center... so I'm not sure what they are going to pay! Could be 25% could be 50% of 25% - if you think 15% who am I to say - similar problems working out what's happening at YONG.
As of January 1, 2008, the new Enterprise Income Tax (“EIT”) law of the People’s Republic of China replaced the existing laws for Domestic Enterprises (“DES”) and Foreign Invested Enterprises (“FIEs”).
The key changes are:
a. The new standard EIT rate of 25% will replace the 33% rate currently applicable to both DES and FIEs, except for High Tech companies who pay a reduced rate of 15%. The Company currently believes it will qualify as a high tech company.
Anyway, good spot... I will play around with the numbers later on. I'm sure that's the major change between 2009 and 2010 net incomes.
But my point was a different one. Not any difference between 2009 and 2010 but what I meant was how can you expect more than 8 dollar in EBITDA but only 4 dollar in EPS for next year? That's quite a bit of a difference. So I'm interested in the reason for that.
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