Corporate income tax to be standardized China will lower income tax for domestic companies
so they can compete with foreign enterprises.
Updated: 2005-01-17 16:07
Vice-Minister of Finance Lou Jiwei, speaking at an economic briefing, says
currently foreign enterprises in China enjoy 10 to 12 percent lower tax rates
than their domestic counterparts.
He says it is time to standardize tax rates to enable fair competition
between domestic and foreign companies, but did not set a date for the change.
Lou says the government aims to bring in a mid to low corporate tax rates for
all enterprises depending on their industry and region.