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$BABA-W(09988.HK) Rumor: Some industries may face tax rate adjustments.
Potential adjustments: The financial sector (current tax rate 6%) and internet value-added services (such as in-game purchases, advertising) may become the next targets for adjustment due to their high profit margins and relatively light tax burden.
The financial sector's ROE reaches 15%-30%, but with few input tax deductions, its tax advantage is obvious. The gaming industry may face the risk of tax rates moving from 6% towards the liquor industry's 32%.
Transmission mechanism: If tax rates are raised, platform companies like Tencent and Alibaba will find it difficult to pass on costs, and their profit margins will be squeezed.
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