Galactic Magnets: Tax evasion or false income

Is it a tax evasion or a virtual increase in income? is about to accept the gem issued by the Audit committee of Chengdu Galaxy Magnet Co., Ltd. (hereinafter referred to as the Galactic Magnet) Let us very confused article | The special writing Wang Ping August 11, China Securities Regulatory Commission Board issued supervision of the Board of Supervisors announced that the GEM board will be audited on August 16, Chengdu Galaxy Magnet Co., Ltd. IPO application.　　But from its prospectus we read "confusion". The problem is in the company's taxable income tax.　　According to the 2009 release of the Galactic Magnet prospectus, as a result of 2009 years of rebound in the report at the end of June 2010, there are 10,609,597.42 of the income tax payable by the enterprise, and the income tax payable by the enterprise is 15,665,934.　　In the first half of 2010, the company's current income tax cost is 5,056,336, 84 yuan, plus the end of 2009 should pay 10,609,597 42, unexpectedly and the company 10 in the first half of the amount of 15,665,934.26, which shows that the first half of 10 did not pay a penny corporate income tax. In fact, the company disclosed 2010 1-June to pay corporate income tax is exactly 0. And do the financial people know, corporate income tax quarterly prepaid, that is, 1, 4, 7, October will pay, galactic magnets how to do the first half of a penny does not pay? If the company has difficulties, the tax Bureau may approve the deferment, but there should be an official document and the time limit for the delay should not be too long.　　But we did not see the documents through the prospectus, nor did we see any difficulties in operating the company. Follow this line and look at its 2008 data.　　At the end of 2008, the Enterprise income tax payable is 5,105,847.19 Yuan, the 09 current income tax fee is 7,158,154 01 yuan, the enterprise income tax paid in 2009 years is 1,654,403 Yuan, and less than half of the end of 2008. The prospectus shows that the galactic magnets have been certified by the Tax Bureau in accordance with the law. Is the company reported to the tax Bureau (including the IRS and local taxes) of the various financial reports, returns, and so on, and the disclosure of the performance of the prospectus is different, the real payment of the various taxes have been safe warehousing?　　Especially in 2009, all over the country a little bit of the size of enterprises are carefully self-examination their own there is no tax evasion, it is said that some enterprises to pay 2 yuan stamp duty quickly to fill up, and the galactic magnets on the book on the balance of the unpaid tax, incredibly can drag to today do not pay, in addition to the magic, it is not easy to find a second word to describe. Thus, it can be concluded that if it is not a tax default, it is a fictitious performance;　　Neither of these charges is intended to be acceptable to the listed company.　　In addition to the issue of income tax on enterprises, the transfer of property to 4 senior executives is not only suspected of conveying the company's interests to individuals, but also the need to clarify tax treatment. April 2008 and July, Galactic magnets to 4-bit highThe tube has transferred 6 properties. The prospectus reads: "In view of the company's distance from the urban area, the company from 1999 to buy the following property for the company's management staff for free temporary use, has a certain welfare nature, has been actually used by managers."　　In order to clear the boundaries between personal property and company property, to prevent the use of the company's property is free of charge, standardize corporate management behavior, in April 2008 and July, the company in accordance with net book to Daitine, Wu Zhijian, He Jinzhou and Guo Huiyong transfer of property and the full receipt of the transfer of money. The property was purchased in August 99 and January 01, and in 2008, "net book value" was used to transfer the property on the grounds that "in order to draw a clear line between the personal property and the company's property, the company's property is not free of charge". The reasons are strong, but no one believes that in 1999 and 2001 the purchase of property in 2008 sold in net book value, market, prices have been doubled several times.　　House prices are small, at best, the difference of millions of yuan, but this matter is tax-related, if the price of the company's sale of assets is not fair enough, then the Inland Revenue Department still has sufficient reason to come up with approved income tax, including personal income tax.　　Moreover, if the benefits have been used free of charge since 1999, the IRD can also check its history for withholding personal income tax. It's worth noting that the prospectus for galactic magnets mentions more than one place in the house. "The demolition of the company is located in the rhino town of Longyin Village six of the building area of 3264.30 square meters of staff shift room to replace the way to compensate, compensation is located in the Rhino town," West County Landing The set of 3106.71 square meters of the total area of 33 sets of residential housing has been completed in March 2010 to complete the formalities, is currently in contact with decoration matters. "If the rationale for the transfer of a house to senior executives is still in place, the 33 housing units can be transferred to employees in the future because of" a welfare nature "and" actual staff use ".　　If this is the case, then the turnover of this transaction and income tax is also very much worth the attention of the Taxation Bureau.　　The Galactic magnets have been certified by the Tax Bureau in accordance with the law, this is naturally a good thing, but should not be able to get the proof of casual disclosure, the tax bureau people may also like to see the prospectus, see the above examples, and then think of this year's tax collection task has not been completed, the company is likely to be difficult to escape a check. (The writer is a senior securities industry observer)