Finance: Income tax unification
(Shanghai Securities News)
Updated: 2006-04-17 15:04
China is expected to unify tax rates for foreign and domestic firms at the
beginning of next year, an economist from Ministry of Finance said.
Speaking at a conference in Beijing on Sunday, Jia Kang, chairman of the
ministry's Institute of Fiscal Science said: ""The unified corporate tax system
will be launched soon, and it will have a very positive impact on the
development of China's market economy.""
Foreign-funded companies currently pay an average of 15 percent in income tax
compared to the 33 percent paid by Chinese companies.
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