Fifth Third selling municipal bondsFifth Third Asset Management is selling its municipal bond funds to Federated Investors Inc., and exiting the municipal bond market, the online financial site Fund Action reported Friday. (FII) (FITB)
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</div><img src="http://feeds.bizjournals.com/~r/bizj_cincinnati/~4/384427403" height="1" width="1"/>Former Ohio Senate president to become Dinsmore lobbyistFormer Ohio Commerce Department Director Doug White has been hired as senior policy adviser for D&S Consulting LLC, the lobbying arm of Cincinnati’s largest law firm, Dinsmore & Shohl LLP.
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in “Pillar” Industries and State-owned Enterprises - Zhengzhou grants a 50% refund for three years on the locally retained portion of Enterprise Income Tax already paid on foreign investment funds invested in designated “pillar industries”. It also offers financial incentives for investing in provincially administrated state-owned enterprises. In order to discourage mass layoffs, this incentive is increased if the FIEs retains a given percentage of the enterprise’s original employees.
Inward Remittance of Export Earnings - Zhengzhou offers cash payouts of 0.2% to 0.5% of every dollar of hard currency export earnings that is remitted inward (the best payouts are reserved for the export of technologically advanced products).
Matching Funds - Zhengzhou provides one-to-one matching funds for international market development funds of small to medium-sized exporting enterprises if they are supervised at the provincial level (whether an enterprise is supervised at the provincial level or the national level depends the size of its investment - its Registered Capital; see examination and approval authority for details).
Anti-Dumping Insurance - Zhengzhou will assist FIEs in responding to antidumping initiatives. It also offers subsidies for expenses arising out of participation by exporters in antidumping responses to the extent that these initiatives are not already being subsidized by provincial or national authorities. It may seem a bit odd for a U.S. company to establish an enterprise in China, get involved in a lawsuit filed by the United States for dumping its products, and be subsidized by the Chinese government for expenses necessary to defend the lawsuit, but it’s possible.
Interest Subsidy for Loans Secured by Tax Refund Accounts- Zhengzhou will subsidize a sum equal to 70% of the interest payable on loans that are secured by a tax refund account. If the FIE has not taken out such a loan, Zhengzhou offers a subsidy equal to 50% of the interest that would have been paid on such a loan had it been taken out – it will even provide the fund from which the interest is subsidized. Enterprises that have an annual export volume of at least US$5,000,000 in the previous year and are verified by the National Tax Bureau to have an increased tax refund due for the current year will receive a 100% subsidy.
Export Incentives - An export enterprise with either (ii) an annual export volume of at least US$10,000,000 and actual export volume of at least 25% more than the previous year, or (ii) annual export volume of at least US$5,000,000, an increase in export volume of more than 40% over the previous year, and inward remittances from exports at least 80% of sales volume, will be named a “Zhengzhou Advanced Foreign Exchange Generating Export Enterprise” and awarded a 30,000 RMB prize (roughly $3,500 US dollars) as long as it has not committed serious regulatory violations during the year preceding the award.
Basic Tax Rate - The nationally-mandated basic Enterprise Income Tax rate for foreign invested enterprises is 33%, including a 3% surcharge that is retained by local governments. However, because Zhengzhou has been classified by the national government as a “city open to foreign investment and trade”, the Enterprise Income Tax rate of production-oriented FIEs located within the city is reduced to 24%. Furthermore, since the Zhengzhou Economic & Technical Development Zone (an industrial park located within urban Zhengzhou) has been designated as a National Economic & Technical Development Zone, the Enterprise Income Tax rate for production-oriented FIEs located therein has been further reduced to only 15%.
Article Source: http://www.article-matrix.com
David Carnes is licensed to practice law in California. He speaks and reads Mandarin Chinese and has several years experience working with Chinese law firms and Sino-American joint ventures. Check out his website, China Legal Bulletin.
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