China offers tax break to foreign companies

It is also retroactive to January 1, 2017, meaning such companies will receive a refund on taxes paid this year.

China is offering foreign companies a tax break to encourage them to keep their earnings on the mainland, a step that follows a US tax overhaul that aims to entice American firms to bring their overseas cash back home.

China is offering foreign companies a tax cut in a bid to keep companies' earnings on the mainland, Caixin reports. This decision will "foster growth in foreign investment, improve the quality of foreign investment, and encourage foreign investors to continuously expand their investments in China", said the finance ministry in Beijing.

The country is expected to continue to advance tax reform next year, including a further reduction of value-added tax and cuts in government administrative fees, with a view to lowering enterprises' operational costs while improving their profits, according to Liu. Businesses in China pay 25 percent.

But foreign companies have long complained of the onerous bureaucracy they must navigate, barriers to market access, and policies that favor local firms.

After the USA cut the corporate tax rates in an attempt to keep more companies on US soil, China answered back with new corporate tax incentives.

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The exemption applies to companies that have their profits re-invested in industries that are cited in government investment catalogs. ABC News has reported that the Organization for Economic Cooperation and Development places China third from last place when it comes to "openness to foreign investment".

With the new tax law, some companies reportedly already said they sought to repatriate their earnings to the United States.

Beijing has been keen to retain foreign investment after it fell in 2016.

Official data in China show foreign investment into China grew by only 1.9% during the 10 months between January and October of this year compared to last year's data, but did jump during November.

According to finance minister Zhu Guangyao who spoke at a Phoenix TV finance forum earlier this month, China could not ignore the spillover effects from the change in tax policy of the world's largest economy.

The White House has said U.S and Chinese officials are fleshing out a pledge by leaders and for a 100-day plan to cut the US trade deficit with China, which reached $347 billion previous year.

(Copyright © 2015. All Rights Reserved.)
 
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