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China to Rule on Unitary Rates of Taxation on Domestic and Foreign Enterprises
It is known from the State Bureau of Taxation that the Chinese government will change its current double tax rates policy to one of unitary rates of taxation on all domestic and foreign enterprises in China. According to rules for WTO deal, there will be an incessant change of all tax laws and regulations involving tax collection from tax payers in China.
In the rural areas, as is told, unitary tax rates are to be introduced according to an annual average output value created by agricultural production in the five consecutive years preceding 1998 and no change will be made of a fixed interest rate. The government will continue to practice a policy of exemption to relieve farmers the duty of taxation in areas suffering from natural calamities. Taxes on property and social security will still be collected to ease the impact on laid-off people after entering the WTO.
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