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Corporate income tax to be standardized
Updated: 2005-01-17 16:07

China will lower income tax for domestic companies so they can compete with foreign enterprises.

Vice-Minister of Finance Lou Jiwei, speaking at an economic briefing, says currently foreign enterprises in China enjoy 10 to 12 percent lower tax rates than their domestic counterparts.

He says it is time to standardize tax rates to enable fair competition between domestic and foreign companies, but did not set a date for the change.

Lou says the government aims to bring in a mid to low corporate tax rates for all enterprises depending on their industry and region.

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