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China's minister of finance has said that the country will provide equal tax treatment for domestic and foreign-funded enterprises as it speeds up tax reform.
Foreign-funded companies now enjoy more preferential tax policies than domestic companies, though nominal income tax was the same for both, Minister of Finance Jin Renqing told a nationalmeeting here Wednesday.
A heavier burden for domestic enterprises is neither conducive to fair play nor in line with the practices of the World Trade Organization, at a time when China's reform and opening-up drive was entering a new stage, he said.
"The current income tax rules for enterprises should be reformed," Jin noted, emphasizing that unified tax rules and policies should be enacted for domestic and foreign-funded enterprises while tax rates were appropriately adjusted.
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