JPMorgan China Region Fund Declares Change to Fund’s Tax Provisioning Policy
23 Diciembre 2014 - 1:11PM
Business Wire
JPMorgan China Region Fund, Inc. (NYSE: JFC; the “Fund”)
announced today that the Fund has changed its PRC tax provisioning
policy.
On 14 November 2014, the PRC Ministry of Finance, State
Administration of Taxation and China Securities Regulatory
Commission jointly issued notices confirming that they would no
longer seek to claim 10% capital gains tax (‘CGT’) on foreign
institutional investors who trade Chinese shares. The Fund’s policy
has been to accrue 100% of the contingent CGT liability for all
realised and unrealised gains in A Shares and B Shares.
Further to these announcements and in accordance with J.P.
Morgan’s recommendation, the Fund’s Board has approved the
following PRC tax provisioning policy with effect from 17 November
2014:
1. PRC income tax will no longer be provided
for gains realised from sale of China A-shares on or after 17 November 2014.
2. PRC income tax will not be provided for
unrealised gains of China A-shares.
3. Full provision (10%) CGT will be provided
for all realised and unrealised gains (no netting against losses)
for China B-shares, bonds (corporate and government), futures,
index futures and exchange traded funds.
4. Full provision of the 10% withholding tax
for all dividends (on A-shares, B-shares and H-shares) and PRC
sourced interest income (except interest derived from PRC
government bonds which are tax exempt).
Note: PRC business tax is specifically exempt
for PRC securities gains derived by the Fund.
The Fund is a non-diversified, closed-end management investment
company whose shares are traded on the New York Stock Exchange. The
Fund trades under the symbol “JFC.”
The JPMorgan China Region Fund, Inc. invests primarily in equity
securities of companies with substantial assets in, or revenues
derived from, the People's Republic of China, Hong Kong, Taiwan,
and Macao--collectively, the China Region.
J.P. Morgan Fund Services, in Boston, MA is the Fund’s
accounting and administrative agent.
JPMorgan China Region Fund, Inc.Simon CrinagePresident and
Interested DirectororLucy Dina, +44 20 7742
4000Secretarylucy.j.dina@jpmorgan.comhttp://www.jpmchinaregion.com
JPMorgan China Region Fund, Inc. (NYSE:JFC)
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