China raises tax threshold for domestic firms

时间：2006-09-11 07:28:32

（单词翻译:单击）

China has doubled the tax threshold for domestic firms in a move to narrow the taxation1 gap between indigenous2 and foreign-invested companies, the State Administration of Taxation (SAT) said on Friday.

 

The new tax rate, which took effect in July is expected to cause a loss of 12 billion yuan (US$1.5 billion) in corporate3 tax revenue this year. However, the State Administration of Taxation said it is "a bearable effect" on the country's fiscal4 revenue.

 

The move followed a report from the National Statistic5 Bureau which said that the monthly income of urban and township residents averaged 1,533.75 yuan last year, almost twice the amount in 1999.

 

A senior SAT official who asked not to be identified described the move as "a significant adjustment" that is aimed at equalizing taxation rates between domestic and foreign firms.

 

Chinese authorities had hoped to issue a unified6 corporate income tax law in 2008 but face enormous obstacles.

 

Last year, fifty foreign-invested companies spoke7 against the reform proposal, hoping to retain existing preferential policies.

 

Zhang Peisen, head of a policy research group of the State Administration of Taxation said the tax change is "a justified8 step", adding that "this adjustment certainly gives a hint at the government's resolve on tax reform."

 

Chinese authorities had scheduled to table a draft Customs Corporate Income Tax Law to the Standing9 Committee of the National People's Congress, the Legislature, for first read in August, but objection from foreign investors10 and growing concern for a drastic decline in foreign investment inflow has caused a delay.

 

Currently, there are two tax rules in use. One is the Corporate Income Tax Law applied11 to only foreign-invested companies, the other is the Provisional Ordinance12 on Corporate Income for Local firms.

 

Although China began to levy13 a 33 per cent tax rate on both local and foreign companies from 1994, the Corporate Income Tax Law which applies only to foreign-invested companies contains a number of preferential policies that cuts the tax rate for foreign-funded companies to 15 percent or less.

 

Co-existence of the two parallel tax rules does not accord with the international practices and has driven local firms into disadvantage, said Deputy Commissioner14 of SAT Wang Li.

 

"Considering the resistance in legislation process, China has made a right step in the reform," said Zhang, stressing that the tax threshold adjustment was the statutory right of the State Council.

 
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1 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。
2 indigenous YbBzt     
adj.土产的，土生土长的，本地的
参考例句：
  • Each country has its own indigenous cultural tradition.每个国家都有自己本土的文化传统。
  • Indians were the indigenous inhabitants of America.印第安人是美洲的土著居民。
3 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
4 fiscal agbzf     
adj.财政的，会计的，国库的，国库岁入的
参考例句：
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
5 statistic QuGwb     
n.统计量；adj.统计的，统计学的
参考例句：
  • Official statistics show real wages declining by 24%.官方统计数字表明实际工资下降了24%。
  • There are no reliable statistics for the number of deaths in the battle.关于阵亡人数没有可靠的统计数字。
6 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。
7 spoke XryyC     
n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说
参考例句：
  • They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
  • The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。
8 justified 7pSzrk     
a.正当的，有理的
参考例句：
  • She felt fully justified in asking for her money back. 她认为有充分的理由要求退款。
  • The prisoner has certainly justified his claims by his actions. 那个囚犯确实已用自己的行动表明他的要求是正当的。
9 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。
10 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
11 applied Tz2zXA     
adj.应用的；v.应用，适用
参考例句：
  • She plans to take a course in applied linguistics.她打算学习应用语言学课程。
  • This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。
12 ordinance Svty0     
n.法令；条令；条例
参考例句：
  • The Ordinance of 1785 provided the first land grants for educational purposes.1785年法案为教育目的提供了第一批土地。
  • The city passed an ordinance compelling all outdoor lighting to be switched off at 9.00 PM.该市通过一条法令强令晚上九点关闭一切室外照明。
13 levy Z9fzR     
n.征收税或其他款项，征收额
参考例句：
  • They levy a tax on him.他们向他征税。
  • A direct food levy was imposed by the local government.地方政府征收了食品税。
14 commissioner gq3zX     
n.（政府厅、局、处等部门）专员，长官，委员
参考例句：
  • The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
  • He was tapped for police commissioner.他被任命为警务处长。

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