China ends favourable taxes for foreign companies
China balances out tax regime for foreign and Chinese companies, after complaints from local companies
China will end favourable business tax rates for foreign companies, after
long-running complaints that local companies were unfairly treated.
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.