Deborah Annells Managing Director Azure Tax Limited looks at China's new Corporate Income Tax law which will come into effect on 1 January 2008
After nearly ten years of discussion China's new Corporate Income Tax (CIT) law will come in to effect on 1 January 2008 and will unify the rates of taxation on both local and foreign invested enterprises effectively making a level playing field for all concerned. This is appropriate given China's earnest push to meet all its obligations for free trade under the WTO obligations it has. The last major corporate tax reform took place in 1994; income taxes were introduced into China initially in 1981.
Three principles
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Deborah Annells Managing Director Azure Tax Limited looks at China's new Corporate Income Tax law which will come into effect on 1 January 2008
After nearly ten years of discussion China's new Corporate Income Tax (CIT) law will come in to effect on 1 January 2008 and will unify the rates of taxation on both local and foreign invested enterprises effectively making a level playing field for all concerned. This is appropriate given China's earnest push to meet all its obligations for free trade under the WTO obligations it has. The last major corporate tax reform took place in 1994; income taxes were introduced into China initially in 1981.
Three principles
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.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")