China to Adjust Tax Policies Prior to Entry into WTO
Sources from the State Taxation Administration say China has been ready to make amendments to its tax policies falling short of WTO rules and changes in connection with taxation to which China has committed along with policies not in line with anti-dumping and subsidy principles will be abolished.
At present, two different taxation systems have been existent for income tax and some local taxation items by domestic and exclusively foreign-owned enterprises. However, in the long run, to unify these two will not only promote further development of China's national industries but will also meet the demand for citizen treatment for foreign investors
As are told by the sources, the State Taxation Administration will work out new taxation policies or make adjustments of the country's old policies of taxation in accordance with requirements of new industries' policies. For example, the Administration will establish taxation policies to protect China's national immature industries and encourage further and speedier development of industries having international competitive force.
Meanwhile, policies to regulate taxation and alleviate farmers' burdens in rural areas will also be put on agenda to shed negative influence on China's entry into WTO and safeguard social stability. With these, a series of policy measures will also be adopted as founding bulletins of taxation laws and guaranteeing implementation of these laws for increased transparency of taxation laws to be put into effect in China.
Sources from the State Taxation Administration say China has been ready to make amendments to its tax policies falling short of WTO rules and changes in connection with taxation to which China has committed along with policies not in line with anti-dumping and subsidy principles will be abolished.
