Posted on 10/26/2010 7:58:04 AM PDT by TigerLikesRooster
China Axes Foreign Companies' Tax Break,
by Mary Swire, Tax-News.com, Hong Kong
Last updated 3 hours ago | Tuesday, October 26, 2010
The Chinese ministry of finance has announced that foreign companies’ current tax exemptions on the 1985 urban maintenance and construction tax and the 1986 education surcharge will be removed as of December 1, 2010 under a Notice issued by the State Council.
The Ministry of Finance announcement said that the differentiated tax system had played an important role in reforming and opening up the economy by attracting foreign investment and introducing foreign technology but now a unified tax system is needed to meet the requirements of the market economy and promote fair competition. The exemptions date back to 1993.
The announcement also suggested that the tax is affordable because in 2009 China had reduced the tax burden on enterprises with tax cuts of CNY5 trillion (USD750bn) under “a proactive fiscal policy, including a series of structural tax policies, including reform of corporate income tax, value-added tax, raising export tax rebates, increased personal income tax allowances, and reduce stamp duty”. The ministry of finance is confident that inward investment will not be affected.
(Excerpt) Read more at tax-news.com ...
P!
I wonder if we gave them the same tax break if they’d move back here. We certainly have plenty of unemployed who would be willing to work.
So what they are saying is we are done stealing your technology no longer need you no more breaks for you lol those Commie’s crack me up.
Reminds me of what the former Soviet Union did. Suck in businesses, and then take them over. I would expect the Communist Chinese leadership to do the same thing.
Heck, even American Democrats do that kind of thing all the time. Suck ‘em in with tax breaks, and then cut their heads off.
Well, maybe it won’t be as bad as that.
I am waiting for simultaneous attacks by North Korea, Hamas, Iran, and China.
Simultaneous with terrorist attacks on our soil, and China refusing to buy any more of our bonds.
It is important to the Chicoms that they do this before President Palin assumes office.
NO cheers, unfortunately.
I am a bit perplexed here. Could you give some examples?
I had friends who went over to Russia after the breakup of the Soviet Union, eager to set up businesses and get in at the start of a business friendly, capitalist climate.
Most of it ended up with people losing their shirts, as the Russian Mafia replaced the Communist Party. Or maybe it was the same thing. Certainly many of the same people.
I also knew a few people who went into China and tried to start businesses, back around that same time. Most of them lost their shirts, too.
Both countries essentially have kept their command economies, ruled from the top down. Not that Obama isn’t trying to do the same thing here.
Simultaneous with terrorist attacks on our soil, and China refusing to buy any more of our bonds.
It is important to the Chicoms that they do this before President Palin assumes office.
Pretty reasonable expectations, unfortunately.
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