china temporarily waives taxes to get foreign firms to stay
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

China temporarily waives taxes to get foreign firms to stay

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice China temporarily waives taxes to get foreign firms to stay

Minister Xiao Jie
BEIJING - Emiratesvoice

China will temporarily waive income taxes for foreign companies on profits they reinvest in the country as Beijing battles to retain foreign firms and investment.

The finance ministry announced Thursday the new tax policy, which will apply retroactively from January so businesses will be able to take advantage of the exemption for this year’s taxes.

The new incentives for foreign business to keep their earnings in China follow the passing last week of a corporate tax overhaul in the United States.The US reform will lower the tax rate for most corporations to 21 per cent. Businesses in China pay 25 per cent. The temporary exemption “will create a better investment environment for foreign investors and encourage foreign investors to sustain their investments in China,” a spokesperson for the ministry of commerce said.

The policy announcement also comes as China has struggled with capital flight and tightened capital controls this year to stem the outflow of money.

But foreign companies have long complained of the onerous bureaucracy they must navigate, barriers to market access, and policies that favour local firms.The new tax incentives aim to make China more attractive but come with a slew of restrictions. To be eligible, the profits must be invested in industries and activities where the Chinese government encourages foreign investment: manufacturing, services, research and development.

Locations in the west of the country are also prioritised for development. Companies have three years to apply for the exemptions after paying tax.

Beijing has been keen to retain foreign investment after it fell in 2016. But commerce ministry statistics show that foreign direct investment ticked upwards for the first 11 months of this year, when compared with last year.

Vice Finance Minister Zhu Guangyao told a Phoenix TV finance forum earlier this month that China could not ignore the spillover effects from the change in tax policy of the world’s largest economy. China must carry out policy trials, he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china temporarily waives taxes to get foreign firms to stay china temporarily waives taxes to get foreign firms to stay

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china temporarily waives taxes to get foreign firms to stay china temporarily waives taxes to get foreign firms to stay

 



GMT 11:03 2018 Tuesday ,23 January

No end to eyesores at Taj Mahal

GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 10:18 2011 Wednesday ,09 November

Remi Kanazi to perform in London

GMT 10:42 2017 Thursday ,09 March

New round of Syria talks set for March 23

GMT 22:04 2018 Saturday ,06 January

Ian Botham at the crease in Sharjah

GMT 09:41 2017 Saturday ,12 August

Faces threat of closure within days

GMT 02:44 2017 Thursday ,03 August

Father overdoses in hot car with child

GMT 10:35 2017 Wednesday ,11 October

Iran hold World Cup hosts Russia in Kazan

GMT 13:25 2015 Friday ,07 August

Jaguar F-Pace endures extreme tests

GMT 08:46 2017 Wednesday ,16 August

OPEC daily basket price for Tuesday, 15th August, 2017

GMT 06:50 2017 Tuesday ,07 November

Media's technology adaptation is national duty

GMT 12:51 2017 Monday ,10 July

ERC opens Al Reedha School in Hadramaut

GMT 17:32 2017 Wednesday ,02 August

Ministry of Interior launches smart system for visa

GMT 07:08 2017 Monday ,11 September

Army targets Saudi soldiers in Jizan

GMT 08:27 2017 Friday ,17 February

HH the Emir Meets British Parliament Delegation

GMT 05:37 2017 Monday ,13 March

Manila eyes ‘golden age of infrastructure’

GMT 14:50 2017 Saturday ,09 September

34 killed as quake rocks Mexico

GMT 07:09 2017 Tuesday ,22 August

US Defence Secretary arrives in Iraq

GMT 21:24 2011 Sunday ,15 May

Qatar Exchange down 0.51%
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice