China’s Anhui Conch Cement to refund dividend tax

Anhui Conch Cement Co Ltd said they will refund part of the company’s dividend tax to their shareholders.  In a statement to the Shanghai Stock Exchange, Anhui Conch Cement said it will refund 0.013 yuan per share in dividend tax on July 13.  The company paid its after-tax dividend of 1.04 yuan per share for 2004 on June 15.  The announcement follows the release last month of a new government policy which requires investors to pay income tax on only 50 per cent of their stock dividends, instead of 100 per cent.  According to the authorities, the new policy, published on June 24, was to take effect from June 13.