According to reports in the national media, China's new corporate tax legislation is set to be submitted to the State Council by June. Following that, it will be reviewed in March 2005 by the National People's Congress.
Under the new law, the corporate income tax rate will be unified for foreign and domestic operations at between 24% and 28%.
Currently, overseas businesses located on the Chinese mainland enjoy preferential tax treatment in relation to domestic firms.
According to recent estimates, the Chinese government collected a total of 304.64 billion yuan in corporate taxes in 2003, of which 234.1 billion yuan came from domestic enterprises and 70.5 billion yuan from overseas firms.
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