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Alibaba's Tax Payment Dubious For Chinese Media
October 19, 2007 |
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Chinese website Enet.com.cn has a report doubting Alibaba CEO Jack Ma's assertions that Alibaba paid taxes of CNY1 million every day in 2005 because that figure is different from what is recorded in the company's bid letter issued as it plans an IPO in Hong Kong.
According to the local media report, Alibaba wrote that it paid a total of CNY71.45 million in taxes in 2005, which is about CNY285,800 every day based on 250 work days each year. However, Jack Ma, CEO of the company, reportedly claimed on many previous occasions that Alibaba paid CNY1 million in taxes every day in 2005.
Alibaba has not responded to these media reports, for it is now in a quiet period prior to its IPO scheduled for November 6. However, analysts say that Alibaba did not exaggerate its tax payments by saying it paid CNY1 million every day if the company's revenue tax, enterprise income tax, deferred tax and tax payment of its subsidiaries are all considered.
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Media has no idea that it is Alibaba.com, the B2B e-commerce business, that is going public. If we add the tax payment from Alibaba GROUP's other business, the gap to that 1mn a day number could be smaller.