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  "documentTitle": "Man Wah Holdings (1999.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-16 00:00:00",
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  "notes": "The slide uses direct quotes from the company's annual reports to contrast with the author's interpretation of tax law.",
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      "text": "The company has offered no credible explanation why the preference is not applied to profits earned during the period from January 2012 to July 2012.",
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      "text": "The purported stub year application of the preference is inconsistent with the NHTE approval MWH received, our understanding of standard practice, and the governing regulations.",
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      "kind": "quote",
      "text": "During the year ended 31 March 2014, a PRC subsidiary obtained the qualification of being a high technology enterprise for a consecutive three years from year 2012 to 2014.",
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      "text": "During the year ended 31 March 2014, a PRC subsidiary obtained the qualification of being a high technology enterprise for a consecutive three years from year 2012 to 2014. With such qualification, the subsidiary is approved to enjoy the preferential tax rate of 15% (subject to annual review by PRC tax authority) for its profits earned from July 2012 to December 2014, resulting in an overprovision of income tax expense amounted to HK$13,899,000, credited to the consolidated statement of profit or loss and other comprehensive income for the year ended 31 March 2016. — MWH 2017 AR, p. 105.",
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      "text": "12 MWH 2017 AR, p. 105. 13 See Circular of the State Administration of Taxation... 14 See Article 54, Enterprise Income Tax Law of the PRC.",
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