The Chinese State Administration of Taxation (SAT) announced plans yesterday to abolish preferential tax treatment for Chinese enterprises.
According to a report in the Beijing Morning Post, the Chinese authorities are attempting to unify the country's tax system in order to facilitate WTO accession, and will provide 'Most Favoured Nation' status to enterprises from all countries.
Currently, state taxes for imported goods are higher than for China-made products. However, from next year, all state preferential policies for promoting exports and imports will be abolished, with the exception of VAT and tax rebates for export, an SAT official explained on Thursday.
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