China plans business tax shake-up

Many foreign firms investing in China are to lose tax
benefits they have over domestic firms as a result of reforms proposed
by the government.

Tax paid by foreign and domestic firms will be unified at 25% under the plans.

China has also unveiled a series of tax breaks to promote high-technology business, energy saving and environmental protection.

It came as the US treasury secretary urged China to open its financial markets faster to boost the economy. Read More