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Ministry cuts tax on overseas earnings

The Ministry of Finance said on Tuesday that it would further reduce the tax on Chinese companies' foreign earnings to encourage their outbound investment and overseas development strategy. The hierarchies of tax credit on the foreign earnings will increase to five from three, which will better avoid duplicate taxation and reduce tax burden for companies especially those who investing in multiple countries, according to a statement on the ministry's website. It is one of the tax policies, required by a State Council notice issued in August 2017, to encourage foreign direct investment and support Chinese enterprises' overseas investments.

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