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| New tax break considered for foreign funds |
| News Archive - Industry Headline - September news | |
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(ShanghaiDaily, Sept 29, 2006) FOREIGN investors in central China are expected to get a full tax rebate, as part of preferential policies that the State Administration of Taxation plans to issue to spur the development in central China, Beijing Business News reported today. Wang Li, a vice director of the administration, said if foreign companies invest their profits back into units in central China, or set up another company in the area with these profits, they can get back 40 percent of the tax they paid on the reinvested unit after five years of its operation. If the foreign companies reinvest in export-oriented businesses or high-tech companies, they can get all the tax back, Wang said. Some old industrial bases may also be involved in a value-added tax reform, Wang said at the First Central China Trade and Investment Expo in Changsha, capital of central China's Hunan Province. Central China includes Hubei, Hunan, Henan, Jiangxi, Anhui and Shanxi provinces. The Ministry of Commerce plans to attract 10,000 enterprises from overseas and the coastal region of China to invest in central and west China in three years. source:ShanghaiDaily |
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