CHINA SOUTHERN AIRLINES COMPANY LIMITED ANNUAL REPORT 2008(43)

曝光台 注意防骗 网曝天猫店富美金盛家居专营店坑蒙拐骗欺诈消费者

On 16 March 2007, the National People’s Congress passed the Corporate Income Tax Law of the PRC (“new tax law”) which took effect on 1 January 2008. As a result of the new tax law, the statutory income tax rate adopted by the Company and its subsidiaries has been changed from 33% to 25% with effect from 1 January 2008.
Prior to enactment of the new tax law, the headquarters of the Company was taxed at a preferential rate of 18% and the branches and subsidiaries were taxed at rates ranging from 15% to 33%.
Pursuant to the new tax law, the income tax rates of entities that previously enjoyed preferential tax rates of 15% and 18% have been revised to 18%, 20%, 22%, 24% and 25% for 2008, 2009, 2010, 2011 and 2012 onwards respectively.
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ANNUAL REPORT 2008
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Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)

Costorvaluation: At 1 January 2007 Additions Transfer from construction in progress (Note 20) Transfer from subsidiary Reclassification on exercise of purchase options Transfer to Chongqing Airlines (Note 21) Disposals A t 3 1 D e c e m b e r 2 0 0 7 Representing: Cost Valuation-1996 (Note(d)) At 1 January 2008 Additions Transfer from construction in progress (Note 20) Transfer from subsidiary Reclassification on exercise of purchase options Transfer to Chongqing Airlines (Note 21)) Disposals Other reclassification A t 3 1 D e c e m b e r 2 0 0 8 Representing: Cost Valuation-1996 (Note(d))  Investment properties RMBmil
ion 264 – – – – – – 264 264 – 264 264 – – – – – – – 264 264 – 264  Buildings RMBmil
ion 3,491 120 53 593 – – (9) 4,248 4,054 194 4,248 4,248 6 68 – – – (4) (143) 4,175 3,985 190 4,175  Owned RMBmil
ion 25,211 468 – – 2,705 (809) (312) 27,263 23,485 3,778 27,263 27,263 614 56 – 4,784 (270) (480) – 31,967 28,426 3,541 31,967  Acquired under finance leases RMBmil
ion 23,815 3,712 396 – (2,705) – (63) 25,155 20,868 4,287 25,155 25,155 288 101 – (4,784) – (65) 190 20,885 16,598 4,287 20,885  Other flight equipment, including rotables Machinery, equipment and vehicles Total RMBmil
ion RMBmil
ion RMB million 8,881 2,408 64,070 646 169 5,115 73 – 522 – 27 620 – – – – – (809) (144) (135) (663) 9,456 2,469 68,855 7,631 2,275 58,577 1,825 194 10,278 9,456 2,469 68,855 9,456 2,469 68,855 584 237 1,729 152 17 394 130 – 130 – – – – – (270) (136) (98) (783) (190) 143 – 9,996 2,768 70,055 8,171 2,595 60,039 1,825 173 10,016 9,996 2,768 70,055 

ANNUAL REPORT 2008
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Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)

19 PROPERTY, PLANT AND EQUIPMENT, NET (cont’d)
(c)  
Most of the Group’s buildings are located in the PRC. The Group was formally granted the rights to use the thirty-one parcels of land in Guangzhou, Shenzhen, Zhuhai, Beihai, Changsha, Shantou, Haikou, Zhengzhou, Guiyang and Wuhan by the relevant PRC authorities for periods of 30 to 70 years, which expire between 2020 and 2073. For other land in the PRC on which the Group’s buildings are erected, the Group was formally granted the rights to use such land for periods of one to three years pursuant to various lease agreements between the Company and CSAHC. In this connection, rental payments totalling RMB22 million were paid to CSAHC during 2008 (2007: RMB22 million) in respect of these leases.

(d)  
In compliance with the PRC rules and regulations governing initial public offering of shares by PRC joint stock limited companies, the property, plant and equipment of the Group as at 31 December 1996 were revalued. This revaluation was conducted by a firm of independent valuers registered in the PRC, on a depreciated replacement cost basis, and approved by the China State-owned Assets Administration Bureau.
　
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