Baosteel to refund tax discount
China's Ministry of Finance recently clarified that its new dividend tax policy, which reduced the amount of dividend considered as taxable income from 100% to 50%, took effect on June 13, 2005. The announcement means that public shareholders of China's largest steelmaker, Baoshan Iron & Steel Co Ltd (Baosteel), are entitled to a partial refund if they paid taxes on 100% of their dividends after the new policy had come into force. Baosteel disclosed that the refund would amount to RMB 89.91 million ($10.86 million).