NEWSGD.COM
Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home > News Brief > China
China accelerates pace of unifying corporate income tax
Latest Updated by 2006-03-06 15:17:09
Related News
China to gradually increase flexibility of RMB exchange rate: official
Premier pledges prosperity for all
A changing Chinese legislature in the eyes of veteran deputies
Premier Wen delivers govt work report
Major projects for rural development in 2006-2010
Top legislature begins annual session
Key projects for revitalizing equipment manufacturing industry
China to cut energy consumption by 4 percent in 2006
China to spend 14% more in building "new countryside"
Ban proposed on exposure of students' scores, rankings
President Hu underlines scientific concept of development
China
Chinese astronauts set for first space walk in 2008
President Hu underlines scientific concept of development
China to gradually increase flexibility of RMB exchange rate: official

  >>>Click into related Special:

 

NPC & CPPCC Sessions 2006

 GD Provincial People's Congress & CPPCC annual Sessions 

 

China is working on the unification of corporate income taxation for both domestic and overseas-funded companies and a bill will be tabled to the national legislature soon.

 

The State Council, China's cabinet, will submit a draft law on corporate income tax to the Standing Committee of the National People's Congress (NPC) in August this year, Vice Finance MinisterLou Jiwei said at the ongoing NPC session.

 

Such a legislation move accords with the government work report delivered by Chinese Premier Wen Jiabao at the opening meeting of the NPC annual session.

 

"We will study how to create a unified tax system covering all types of enterprises," Wen said.

 

China introduced different corporate income tax systems respectively for domestic and overseas-funded firms in 1994 to give preferential treatment to overseas-funded companies for the country to attract more investment, technology and expertise.

 

However, the practice has shown some negative effect in the course of developing China's market economy, said Chinese lawmakers and political advisors who are gathering in Beijing to discuss state affairs.

 

Nearly 3,000 NPC deputies and more than 2,000 members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top advisory body, are in their annual sessions here.

 

The actual income tax rate has remained 14 percent for overseas-funded businesses, much lower than the 24 percent rate for domestic firms.

 

The unification will not induce heavy burden to overseas-funded companies, Lou said, giving no further explanations.

 

Editor: Yan

By: Source: China View website
Previous:  Facts and figures: China's main targets for 2006-2010  Next:China expects 8% growth in 2006: Premier Wen


Olympic medalists in town


Epilepsy could solve mystery of Bruce Lee's death


[Group Photo]Guangzhou Aquarium


Shawl Featured at China Int'l Gold & Jewelry Expo


Celebrity blogger talks about blogging
This site contains material from other media for content enrichment purpose only.
The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
   
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips