BIZCHINA / Center |
Overseas banks poised to offer broader choiceBy Zhang Fengming (Shanghai Daily)Updated: 2007-03-26 09:21 Four overseas banks will be able to offer unlimited yuan services on the Chinese mainland next month after they incorporate locally.
Some local people can't wait to try services from overseas banks after having to line in queues for hours at domestic bank counters. "I am quite interested to open an account at overseas banks to get better service," said Xiao Zhu, a white-collar worker in her 30s. Before local incorporation, overseas banks could only take term deposits of more than one million yuan (US$129,366), which restricted their clients. Tax rates The banking approvals followed China's newly announced corporate income tax rate of 25 percent for foreign and domestic companies from January 2008, a move which aims to level the playground for players from home and abroad. Foreign companies now pay an average 15 percent tax while Chinese companies
pay 33 percent, or an average levy of 25 percent after different deductions, Jin
Renqing, the top head of the Ministry of Finance, said.
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