China's State Council, or the cabinet, has announced regulations
aimed at helping to enforce the country's new corporate income tax
law.
Premier Wen Jiabao has signed a State Council order to
approve the promulgation of the regulations which were published on
Tuesday.
The regulations, to take effect on Jan. 1, 2008, replace two
earlier regulations promulgated by the government more than a
decade ago.
It will be the first time since 1978 that China puts domestic
and foreign firms on an equal footing in income taxation in an
effort to promote fair competition.
(Xinhua News Agency December 12, 2007)
