China says considered wide range of views in drafting tax law |
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Published
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Wed, 24 Jan 2007 03:57
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BEIJING (XFN-ASIA) - China has taken into consideration a wide range of views in drafting its unified tax legislation which will be submitted to parliament in March, a senior tax official said.Wang Li, deputy director of the State Administration of Taxation, said the revisions that will unify tax rates of foreign and domestic companies were reviewed by senior lawmakers in December.'We have extensively solicited opinions and advice .. especially the opinions of foreign businesses in China,' he told reporters.Some foreign companies have complained of a lack of transparency in the drafting of new legislation.Many foreign companies enjoy a lower tax rate than Chinese firms, which generally pay 33 pct in income tax. The new rate will unify the rates at about 25 pctWang also said that the different rates had encouraged domestic companies to disguise themselves as foreign-invested enterprises in order to take advantage of the lower rate.The administration also said in a statement that it will prepare for a new corporate income tax law this year, though it did not say precisely when the law will take effect.It also said in the statement that it will intensify efforts to ensure that taxation is based on legislation.The administration also said it will move ahead with the third phase of the so-called 'golden tax' project, which is largely aimed at making tax data available online and linking tax databases.
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