China's parliament adopts enterprise income tax law

时间：2007-03-16 07:46:46

（单词翻译:单击）

BEIJING, March 16 - China's parliament, the National People's Congress, adopted the enterprise income tax law Friday morning with 2,826 votes for and 37 against, and 22 abstentions, a key signal of a phase-in end of superior treatments to foreign investors1 for two decades.

 

The 60-article law was ratified2 by the lawmakers as they concluded their 11.5-day annual full session at the Great Hall of the People in downtown Beijing.

 

The voting result, announced by NPC Standing3 Committee Chairman Wu Bangguo, was warmly applauded by lawmakers. Four legislators did not cast their votes. The law is due to take effect on Jan. 1,2008.

 

Experts say the law marks an adjustment of China's policies toward foreign investment in the current times.

 

The law, which sets unified4 income tax rate for domestic and foreign companies at 25 percent, came after years of criticism that the original dual5 income tax mechanism6 is unfair to domestic enterprises.

 

Currently, the actual average income tax burden on Chinese companies is 25 percent, while that on foreign enterprises is 15 percent. Many people think such a policy forces domestic businesses to face tougher competition since China's accession to the World Trade Organization (WTO) in 2001.

 

"It's a basic requirement of the WTO to create a fair environment for competition, and the new unified income tax will, in a real sense, grant foreign investment the same treatment as domestic businesses," said Miao Gengshu, chairman of the China National Foreign Trade Transportation (Group) Corp.

 

Apart from increased income tax, foreign companies will also be wiped from some other tax incentives7, including pre-tax reduction and tax rebate8 for re-investment, in the future, insiders say.

 

China is gradually taking back preferential policies toward overseas-funded businesses, which have been levied9 the same tax as their domestic counterparts in the use of urban land from Jan. 1 this year.

 

Preferential taxation10 and land policies, which are described as "policies superior to national treatment", have always been important attractions to overseas investment since China began the reform and opening-up in the late 1970s.

 

"It's necessary to offer certain incentives to foreign investors during the initial period of the reform and opening-up, when China was stranded11 by the lack of capital, foreign exchange and an unsound market system," said Justin Yifu Lin, a renowned12 economist13 and a member of China's top political advisory14 body.

 

Generous tax incentives have fueled foreign capital influx15. China has been one of the world's top destinations for foreign direct investment, taking in 53.5 billion dollars in 2003, 60.6 billion dollars in 2004, and 60.3 billion dollars in 2006 in terms of the amount actually used.

 

But problems have surfaced along with China's rapid economic development. Dual income tax rates have incurred16 growing complaints from domestic enterprises, some of which even disguise themselves as overseas-funded enterprises to dodge17 tax, according to the Ministry18 of Finance.

 

Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission, pointed19 out that China's situations have changed a lot over the years.

 

"Capital and foreign exchange no longer bottleneck20 China's economic development, and thus decline from the top goal of attracting foreign investment," Zhang said.

 
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1 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
2 ratified 307141b60a4e10c8e00fe98bc499667a     
v.批准，签认（合约等）( ratify的过去式和过去分词 )
参考例句：
  • The treaty was declared invalid because it had not been ratified. 条约没有得到批准，因此被宣布无效。
  • The treaty was ratified by all the member states. 这个条约得到了所有成员国的批准。
3 standing 2hCzgo     
n.持续，地位；adj.永久的，不动的，直立的，不流动的
参考例句：
  • After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
  • They're standing out against any change in the law.他们坚决反对对法律做任何修改。
4 unified 40b03ccf3c2da88cc503272d1de3441c     
(unify 的过去式和过去分词)； 统一的； 统一标准的； 一元化的
参考例句：
  • The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。
  • The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。
5 dual QrAxe     
adj.双的；二重的，二元的
参考例句：
  • The people's Republic of China does not recognize dual nationality for any Chinese national.中华人民共和国不承认中国公民具有双重国籍。
  • He has dual role as composer and conductor.他兼作曲家及指挥的双重身分。
6 mechanism zCWxr     
n.机械装置；机构，结构
参考例句：
  • The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
  • The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。
7 incentives 884481806a10ef3017726acf079e8fa7     
激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机
参考例句：
  • tax incentives to encourage savings 鼓励储蓄的税收措施
  • Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法
8 rebate GTIxY     
v./n.折扣，回扣，退款；vt.给...回扣，给...打折扣
参考例句：
  • You can claim a rebate on your tax.你可以要求退回部分税款。
  • Customers are to benefit from a rebate on their electricity bills.顾客将从他们的电费退费中得到实惠。
9 levied 18fd33c3607bddee1446fc49dfab80c6     
征（兵）( levy的过去式和过去分词 )； 索取； 发动（战争）； 征税
参考例句：
  • Taxes should be levied more on the rich than on the poor. 向富人征收的税应该比穷人的多。
  • Heavy fines were levied on motoring offenders. 违规驾车者会遭到重罚。
10 taxation tqVwP     
n.征税，税收，税金
参考例句：
  • He made a number of simplifications in the taxation system.他在税制上作了一些简化。
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
11 stranded thfz18     
a.搁浅的，进退两难的
参考例句：
  • He was stranded in a strange city without money. 他流落在一个陌生的城市里， 身无分文，一筹莫展。
  • I was stranded in the strange town without money or friends. 我困在那陌生的城市，既没有钱，又没有朋友。
12 renowned okSzVe     
adj.著名的，有名望的，声誉鹊起的
参考例句：
  • He is one of the world's renowned writers.他是世界上知名的作家之一。
  • She is renowned for her advocacy of human rights.她以提倡人权而闻名。
13 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
14 advisory lKvyj     
adj.劝告的，忠告的，顾问的，提供咨询
参考例句：
  • I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
  • He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。
15 influx c7lxL     
n.流入，注入
参考例句：
  • The country simply cannot absorb this influx of refugees.这个国家实在不能接纳这么多涌入的难民。
  • Textile workers favoured protection because they feared an influx of cheap cloth.纺织工人拥护贸易保护措施，因为他们担心涌入廉价纺织品。
16 incurred a782097e79bccb0f289640bab05f0f6c     
[医]招致的，遭受的； incur的过去式
参考例句：
  • She had incurred the wrath of her father by marrying without his consent 她未经父亲同意就结婚，使父亲震怒。
  • We will reimburse any expenses incurred. 我们将付还所有相关费用。
17 dodge q83yo     
v.闪开，躲开，避开；n.妙计，诡计
参考例句：
  • A dodge behind a tree kept her from being run over.她向树后一闪，才没被车从身上辗过。
  • The dodge was coopered by the police.诡计被警察粉碎了。
18 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
19 pointed Il8zB4     
adj.尖的，直截了当的
参考例句：
  • He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
  • She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。
20 bottleneck uRfyN     
n.瓶颈口，交通易阻的狭口；妨生产流程的一环
参考例句：
  • The transportation bottleneck has blocked the movement of the cargo.运输的困难阻塞了货物的流通。
  • China's strained railroads already become a bottleneck for the economy.中国紧张的铁路运输已经成为经济增长的瓶颈。

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