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 | Wednesday, May 03, 2000, updated at 11:29(GMT+8) | ||||||||||||
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China to Improve Tax Rules for Foreign-funded FirmsChina plans to improve its foreign-related taxation system which will target at not only overseas-funded firms in China, but also Chinese enterprises starting business overseas.An official with the State Administration of Taxation said that the taxes on domestic enterprises which invest overseas as well as the Chinese working outside the country should be restructured. More than 5,000 Chinese companies so far have invested overseas, while over three million people are working abroad. At present, taxes levied on foreign-funded enterprises and foreign employees in China are ensured by legislation which does not apply to Chinese companies overseas. The amount of foreign-related taxes surpassed 160 billion yuan (19.3 billion U.S. dollars) last year, a rise of more than 40 billion yuan over the 1998 figure and accounting for 16 percent of China's total industrial and commercial tax revenue.
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