China Lowers Business Tax for Financial SectorChina announced Tuesday that it will lower the business tax rate for the financial and insurance sectors by 3 percentage points in the next three years.According to the Ministry of Finance, the business tax rate was lowered from 8 percent to 7 percent as of January 1, 2001. The tax rate will be further reduced to 6 percent on January 1, 2002 and to 5 percent on January 1, 2003. Local analysts say that the tax cuts will be a boost to the expansion of financial and insurance businesses in China. |
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