Chinese Premier Wen Jiabao said Monday that the timing and conditions are now ripe for unifying the enterprise income tax rates for domestic and overseas-funded enterprises to “level the playing field.”
Wen made the remark while delivering a government work report to the just-opened parliamentary annual session, which will deliberate the draft law on equalizing corporate income tax for both domestic and foreign companies.
The unified income tax rate will help foster a fairer, more regulated and transparent taxation system for all kinds of businesses, and help improve the quality and standard of China’s utilization of foreign investment, Jiang Enzhu, spokesman for the annual session of National People’s Congress (NPC), the national parliament, said Sunday. [Full Text]
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