Minister: If passed, corporate income tax law to take effect next Jan.

Source: Xinhuanet | 03-09-2007 13:50

BEIJING, March 9 (Xinhua) -- China's Finance Minister Jin Renqing said Friday that the corporate income tax law under parliament deliberation is expected to take effect as of January 1,2008, if it is passed by the ongoing annual session of the National People's Congress (NPC).

The draft, which proposes to unify the corporate income tax rate of domestic and foreign-funded companies at 25 percent, was submitted to nearly 3,000 deputies to the NPC, China's top legislature, on Thursday for deliberation.

The tax rate rise, only a small part of the huge corporate profits, will not affect the investment enthusiasm of foreign investors, Jin said at a press conference on the sidelines of the NPC session.

Editor:Du Xiaodan