Sinopec Shanghai Petrochemical said Sunday it would revise its already-published first-quarter earnings downwards by more than 20% because of higher corporate income taxes, China Economy reported. The move comes after the Shanghai tax bureau notified the company that its income tax rate had been raised from 15% to 33% from this year, shaving US$30.03 million (RMB227 million) from the company’s reported first-quarter net income of US$142.86 million (RMB1.08 billion), the company said in a statement to the Shanghai Stock ...