China starts phasing in new corporate income tax law
3rd January 2008
China’s State Council, or cabinet, began phasing in the new unified corporate income tax which took effect on January 1 with new rules covering the transition to a single tax rate of 25% for foreign and domestic firms by 2012. In a statement published on the website of the Ministry of Finance, the five-year phase-in period involves a tax rate of 18% in 2008, 20% in 2009, 22% in 2010, 24% in 2011 and 25% in 2012, for companies previously assessed at the 15% rate. Get more info about the new tax law from AmCham’s China Wire. Also read AmCham member Deloitte’s Unofficial Translation of the Enterprise Income Tax Law.