Domestic, foreign firms to have equal tax treatment

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Last updated at: (Beijing Time) Thursday, December 25, 2003

Domestic, foreign firms to have equal tax treatment

China's minister of finance has said that the country will provide equal tax treatment for domestic and foreign-funded enterprises as it speeds up tax reform.

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China's minister of finance has said that the country will provide equal tax treatment for domestic and foreign-funded enterprises as it speeds up tax reform.

Foreign-funded companies now enjoy more preferential tax policies than domestic companies, though nominal income tax was the same for both, Minister of Finance Jin Renqing told a nationalmeeting here Wednesday.

A heavier burden for domestic enterprises is neither conducive to fair play nor in line with the practices of the World Trade Organization, at a time when China's reform and opening-up drive was entering a new stage, he said.

"The current income tax rules for enterprises should be reformed," Jin noted, emphasizing that unified tax rules and policies should be enacted for domestic and foreign-funded enterprises while tax rates were appropriately adjusted.

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