Gushan (GU) Temporarily Suspends Production at Fujian Gushan
More News related to GU
- Gushan Environmental Energy Limited to Hold Annual General Meeting on November 18, 2009
- Clouds Rolling Over Solar Stocks as Barclays Cuts Sector to Neutral (JASO, STP, TSL, more)
- Morning Movers 8/12: HLCS, EJ, JAZZ, CYTR, WX, CAAS Higher; GU, JASO, VISN, LIZ, BOBE, YRCW Lower
- Gushan (GU) Swings to Q2 Loss
- Trading Radar for 8/12: BHP Billiton (BHP), Macy's (M), Toll Brothers (TOL), Kinross Gold (KGC), Advance Auto Parts (AAP), LDK Solar (LDK) Report; Trade Balance, Crude Inventories, FOMC Rate Decision
More News related to Corporate News
- DA Davidson Issues Mid-Day Downgrade on FEI Company (FEIC)
- D.A. Davidson Downgrades Sterling Construction (STRL) to Neutral
- BMO Capital Downgrades MF Global (MF) to Market Perform
- Energy Conversion Devices (ENER) Shares Continue Lower as JPMorgan, Citi Downgrade
- Northland Securities Downgrades Capstone Turbine (CPST) to Market Perform
Gushan Environmental Energy Limited (NYSE: GU) announced that it has temporarily suspended production at Fujian Gushan Bio-diesel Energy Co., Ltd due to a dispute with a local tax authority concerning consumption tax issues.
Following recent changes to PRC regulations on consumption tax rates to be levied on diesel products, which took effect on January 1, 2009, Gushan expressed its view to the State Administration of Taxation of Fujian Province that its biodiesel, which is produced from used cooking oil, vegetable oil offal and jatropha oil, should not be subject to such consumption tax. Gushan was subsequently informed that Fujian SAT and the Fujian Municipal Finance Bureau jointly issued a written proposal to the PRC State Administration of Taxation requesting that biodiesel products without petroleum-based diesel content be specifically excluded from paying consumption tax. As of the date of this announcement, the PRC SAT has not yet replied to this proposal. Pending resolution of this issue with the provincial and national authorities, Gushan has not paid consumption tax on its sales of biodiesel during the first quarter of 2009.
Related Categories
Corporate NewsStocks Mentioned
-0.05Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
