Coordination Experience of Offshore Oil’s Hong Kong Stock Connect Dividends and Dividends with Double Tax Deduction

Under the guidance of @Tieer, @Tieer has done a lot of work before, and reported it to the China Securities Regulatory Commission, the State Administration of Taxation and other departments, and you can see the article at the top of its homepage. I continue to contact the relevant units of $CNOOC (00883)$ (you can see my post before) Now I feel the same as @Tieer , and the relevant units are already coordinating and dealing with it, but the strength cannot be said, so I still recommend everyone to do more. Report to enterprises, brokerages and China Settlement! The number of people is powerful, and it can attract attention. The dividend season in the first half of the year is coming again, which is distressing. Send the latest contact information for your reference!

Other Southbound Stock Connect investors refer to @yuanfuxiansheng’s #Hong Kong Stock Connect Tax (Rate) List $ China Power (02380) $ $ China Mobile (00941) $ China Unicom (00762), and currently understand that a 28% dividend tax is charged. There is also the problem of double taxation, and the problem is the same. You can also reflect together, how many people are powerful! And according to @yuanfuxiansheng golfers, Sino-Ocean Group (03377) used to charge a 28% dividend tax, but it was later adjusted to 20%, which means there is hope! ! ! The spirit of reflecting the problem should be learned from @guanwo rich man! ! !

Take care of your own interests! Many investors of these stocks are long-term holders of dividends, and they have lost several points for a few years. ! !

1. Brokers

The brokerage I work for has a good service and a good attitude. After I complained, I actively gave me feedback, and I made five or six calls to reply. The customer service I started to contact basically didn’t understand the situation. But the contact situation is not very optimistic, the process is not too detailed, it is repeated. The final reply is to ask individual investors to contact them. The brokerage is just a channel and does not participate in any taxation. The reason is that this issue has nothing to do with the brokerage, so it is normal to not be active, and the original intention of contacting is to make some noise through the brokerage.

2. Offshore Oil Company
Letter 1: [From the Internet] Appeal for H-share Offshore Oil’s repeated deduction of dividends and bonus personal income tax <br />Date: 2022-8-2 12:41 Sender:
Recipient: “IR” <IR @cnooc .com.cn>
Dear Leader of the Investment Relations Department of CNOOC: I am an individual investor in CNOOC Hong Kong stocks. Appeal to the issue of repeated deduction of dividend tax on investment through Southbound Stock Connect. Leaders are requested to pay attention and reply. At present, the dividend tax treatment method of CNOOC for Southbound Stock Connect investors is as follows: 1. CNOOC first withholds 10% of the non-resident corporate income tax, and then transfers it to China Clearing; 2. China Clearing and then deducts 20% of the personal income tax. Total deduction: 1. 1-10%=0.9; 2. 0.9-0.9*20%=0.72; 3. 1-0.72=0.28=28%, with a total deduction of 28% of dividend tax, which exceeds the relevant regulations of government departments 20% personal income tax. However, the above behavior clearly violated the relevant state regulations. On November 5, 2016, the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission issued the “Notice on Tax Policies Regarding the Pilot Program of the Shenzhen-Hong Kong Stock Market Interconnection Mechanism” with Caishui [2016] No. 127

(3) Income tax on dividends and dividends of mainland individual investors investing in stocks listed on the Hong Kong Stock Exchange through Shenzhen-Hong Kong Stock Connect. For the dividends and dividends obtained by mainland individual investors by investing in H shares listed on the Hong Kong Stock Exchange through Shenzhen-Hong Kong Stock Connect, the H-share company shall apply to China Securities Depository and Clearing Corporation Limited (hereinafter referred to as “China Clearing”), and China Clearing shall submit an application to the H-share company. Provide a register of mainland individual investors, and H-share companies withhold personal income tax at the rate of 20%. Dividends and dividends obtained by mainland individual investors investing in non-H shares listed on the Hong Kong Stock Exchange through Shenzhen-Hong Kong Stock Connect will be withheld by ChinaClear at the rate of 20% for individual income tax. Individual investors can apply for tax credit to the competent tax authorities of China Settlement with valid tax deduction vouchers for the withholding tax paid abroad. Dividends and dividends obtained by Mainland securities investment funds from investing in stocks listed on the Hong Kong Stock Exchange through Shenzhen-Hong Kong Stock Connect shall be subject to individual income tax in accordance with the above provisions.

Appeal: 1. Why did CNOOC not apply to China Clearing as required, and after obtaining the register of individual investors, the individual income tax shall be deducted by 20%

2. CNOOC is required to apply for the list of individual investors to China Clearing, and after confirming the list, return the 10% non-resident enterprise income tax on the dividends that I have repeatedly deducted!

If necessary, I am willing to provide relevant information about personal investment in offshore oil to cooperate. Offshore Oil is such an excellent company, but its stock price is so sluggish. Investors are the cornerstone of the company. It is hoped that the leaders of Offshore Oil will pay attention to coordinating this issue and give investors a reasonable reply as soon as possible. Let’s work together to promote CNOOC to embark on a new journey!

Reply: The same day’s reply is issued on the same day, and the efficiency is extremely high! ! ! Pay attention to the time to see what kind of enterprise the Offshore Oil Company is! The business has done a lot of work and it has been reported.

From: “Investor Relations/Board Office (Investor Relations Department)/Limited Company/Limited Company Authority/Limited Company)” <ir @cnooc .com.cn>; Time: August 2, 2022 (Tuesday) 4:17pm To:

Subject: Reply: [From the Internet] Appeal for H-share Offshore Oil’s repeated deduction of dividends and bonus personal income tax

Dear investor: Hello!

Our company handles tax-related matters in strict accordance with laws and regulations.

Shenzhen-Hong Kong Stock Connect investors are investors who hold shares through Hong Kong Securities Clearing Company Nominees Limited. For details, please refer to the attached announcement.
The company has always attached great importance to safeguarding the interests of investors. Regarding the issue of dividend tax withholding and payment, the company has actively contacted relevant parties for a lot of communication recently, and has officially reported it to the relevant tax authorities and regulatory agencies, and is awaiting further business guidance.

Thank you for your attention and support to CNOOC! Investor Relations Team

China National Offshore Oil Corporation

Outgoing Letter Two: Time: August 3, 2022 (Wednesday) 12:18 PM Plain Text | To IR <ir @cnooc .com.cn>

Investor Relations Manager:

First of all, thank you very much for your reply. At the same time, I am shocked by the working attitude and high efficiency of our offshore oil company! ! !

I understand the efforts made by the company , the company did make an announcement, and the announcement also clarified the relevant issues: “The company is in the company’s register of non-resident enterprises (as defined in the “Enterprise Income Tax Law of the People’s Republic of China”) shareholders When special dividends are distributed, 10% corporate income tax shall be withheld and paid. For all shareholders registered in the non-individual name (including Hong Kong Securities Clearing Co., Ltd. (person) limited company, other corporate agents or trustees such as securities companies, banks, etc., or other organizations and groups are regarded as non-resident corporate shareholders), the company will distribute special dividends after deducting 10% of the corporate income tax.”

But I want to make it clear now: why do companies not press

On November 5, 2016, the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission issued the “Notice on Tax Policies Regarding the Pilot Program of the Shenzhen-Hong Kong Stock Market Interconnection Mechanism” with Caishui [2016] No. 127

(3) Income tax on dividends and dividends of mainland individual investors investing in stocks listed on the Hong Kong Stock Exchange through Shenzhen-Hong Kong Stock Connect.

For the dividends and dividends obtained by mainland individual investors by investing in H shares listed on the Hong Kong Stock Exchange through Shenzhen-Hong Kong Stock Connect, the H-share company shall apply to China Securities Depository and Clearing Corporation Limited (hereinafter referred to as “China Clearing”), and China Clearing shall submit an application to the H-share company. Provide a register of mainland individual investors, and H-share companies withhold personal income tax at the rate of 20%.

According to the above regulations, apply to ChinaClear for a list of individual investors, and then deduct 20% of the personal income tax; instead, treat all Southbound investors as ChinaClear and deduct 10% of the non-resident enterprise income tax? Obviously contrary to national policy. I plan to hold Offshore Oil for a long time. Offshore Oil, a well-developed and high-dividend company, is very rare in the market and grows together with the company. Compared with overseas investors, Hong Kong Stock Connect investors already have to charge 20% more personal income tax, and such additional losses are indeed difficult to understand and accept. Hope you can understand and support!

Please answer clearly. thank you very much. If you need relevant information, I will give active cooperation!

3. China Settlement

Dial 4008058058 and respond to the problem of deducting 8 extra points of dividend tax and requesting to issue a withholding settlement certificate. The customer service who answered the phone replied, please call another teacher in Hong Kong stock settlement at 075521899306.
Dial, where is the first person to answer the phone? Answering the ordinary individual investor, he asked the first two questions, and the other party said to wait a moment and transfer it to another person. I responded to the person who answered the phone again, and their attitude was relatively tough, saying that I should react with the brokerage agent and ask the brokerage to find them, and they are not easy to deal with personally. (After looking for a brokerage, the brokerage also contacted several times, and finally replied to China Clearing that he did not have a roster of individual investors there???!!! Let me contact and confirm again)

Then call 075521899306 China Settlement Shenzhen, and directly complained that Offshore Oil’s deduction of 10% of non-resident enterprise income tax violated regulations, and China Settlement’s deduction of 20% of personal income tax violated regulations. According to Caishui [2016] No. 127 Circular, I complained and asked to return the 8% dividend tax that was deducted. The customer service didn’t reply, and said to respond upwards and let me wait for a reply.

On the whole, referring to the articles and ideas on @Tieer and Xueqiu, the focus should be reflected to taxation, corporate and Chinese settlement, and the card is stuck on the cooperation between them. Through the contact during this period and the reference to the articles and experiences of relevant personnel, there should be a precedent for the adjustment of the 28% dividend tax to 20%. It is the enterprise that responds faster, and there are also clear regulations on how the enterprise operates, “H-share companies should apply to China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as China Clearing), and China Clearing Corporation will provide H-share companies with mainland personal investment. The H-share company will withhold personal income tax at the rate of 20%. ” The company did not operate in accordance with the regulations, there is a reason for complaint, this can be a breakthrough, and the company will naturally actively coordinate when the pressure is great. Securities companies are also a channel for voice. As a company, they also have a certain sense of service, and they can also respond. When more people respond, they will attract attention. You can refer to @Tieer and my post content and channels for complaint handling!

If you invest 1 million yuan a year, and calculate the dividend of 12%, you will be charged an additional tax of 9,600 yuan each year. After holding it for several years, it was gone, and the investment of several million was gone, and after a few years, hundreds of thousands were gone! Isn’t it money? Isn’t it delicious to eat and drink? ? ? Soon it will be the mid-term dividend dividend period of Offshore Oil! Many people are powerful, everyone works together, complains and gives feedback together, there should be hope! ! !

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