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Fiscal and Tax Reforms to be Launched
China's Finance Minister Jin Renqing says the country will further its fiscal and taxation reform next year to support domestic enterprises.
Jin Renqing says the reform will focus on export duty rebates, standardization of the corporate income tax of foreign and domestic enterprises, reduction of customs duties, and the state budget system.
Foreign companies, especially those in the financial industry, are enjoying more favourable tax rates than their Chinese counterparts as a result of China's opening-up policy.
Their corporate income tax is exempted or reduced by 18 percent over five years compared with the Chinese financial institutes whose incomes are taxed by 33 percent.
But as China fully opens its financial market in 2006, many domestic commercial banks, insurance, capital management and securities companies are facing fiercer competition from their foreign rivals.
Their representatives urged the government at a financial conference last week that the tax rate for both foreign and domestic companies has to be the same for promoting fair competition.
(CRI)
