China Makes Life Less Taxing for Foreign Companies
China is offering foreign companies a tax break to encourage them to keep their earnings on the mainland, a step that follows a U.S. tax overhaul that aims to entice American firms to bring their overseas cash back home.
A 10% tax that China has slapped solely on foreign companies’ profits from equity investments will temporarily be waived if the earnings are plowed into government-targeted sectors, according to a statement issued Thursday by four central government ministries. These 348 pet sectors include mining, rail, environmental protection and elderly care.
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