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Unified Tax Laws for Domestic and Foreign-funded Enterprises in Near Future
China's Tax Administration lately said that unified tax laws for domestic and foreign-funded enterprises would be passed gradually in the near future.
In the two decades of China's opening up and reform polices, the government has used a number of tax incentives to attract foreign investors.
But, as Chinese membership in the World Trade Organization gets more likely, experts are calling for a review of the tax breaks because of the effect they are expected to have on domestic enterprises when more foreign competitors enter China.
Before any formal entry into the WTO, China will rescind any tax polices that work against anti-dumping rules. After it's in the WTO, China's tax policies will be adjusted to WTO regulations over a period of time and to fit the requirements of WTO members.
China's tax policies will be designed to protect new local enterprises and to get the more competitive ones to enter the world market in line with WTO regulations.
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