China balances out tax regime for foreign and Chinese companies, after complaints from local companies
Accountancy Age, 09 Mar 2007
China will end favourable business tax rates for foreign companies, after long-running complaints that local companies were unfairly treated.
Corporation tax will be charged at 25%. Currently Chinese companies have paid up to 33% compared with as little as 15% for foreign companies.
Finance minister Jin Renqing said the law would be conducive to fair competition and improve the country's economic structure.
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