China to Unify Home/Foreign-related Taxes in 3 YearsAccording to the Ministry of Finance, the State Council lately approved the adjustment plan for a unified income tax policy for domestic and foreign-funded companies.Experts say that over a period of time after China's WTO entry five Chinese economic special zones will be allowed to make their own decisions whether to give foreign-funded firms preferential treatment in taxation, but this will not last long. China will have to use 3 years to unify its income tax. A compromised proposal of a unified 25 percent has been basically reached, Xinhua reported. By PD Online staff member Li Yan |
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