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Finance Minister Jin Renqing said Friday that the corporate income tax law now under parliament deliberation is expected to take effect as of Jan. 1, 2008, if it is passed at the ongoing annual session of the National People's Congress (NPC), or parliament.

The draft law, which proposes unifying the corporate income tax rate of domestic and overseas-funded companies at 25 percent, was submitted to nearly 3,000 NPC deputies for examination on Thursday.

Overseas-funded companies in China have long enjoyed a preferential income tax rate of 15 percent while Chinese companies have to pay the tax at the rate of 25 percent.

According to the draft corporate income tax law, the tax rate rise for overseas-funded companies would result in a total tax levy of 43 billion yuan (US$5.5 billion) a year after a five-year transition period.

"Compared with the rich profits of the overseas-funded companies, it will not be a big financial burden to them, nor will it affect their enthusiasm for investment in China," Jin said at a press conference on the sidelines of the NPC annual session.

In response to a Taiwan reporter's question about the impact of the unified tax rate on companies with investment from Hong Kong, Macao and Taiwan, Jin said that most of them will continue to enjoy the preferential tax rate to be maintained.

While unifying the tax rate, the draft law maintains the preferential tax rate for some industries, including the high-tech industry, to which the income tax rate remains at 15 percent, Jin said.

Companies with Hong Kong, Macao and Taiwan investment will also enjoy this rate, he added.

The draft law also applies a preferential rate of 20 percent to eligible small low-profit enterprises.

Jin estimated that some 60 percent of the companies with investment from Hong Kong, Macao and Taiwan are enterprises of this category, and the tax rate only grows by five percentage points for them.

The NPC deputies will cast vote for or against the draft law along with a draft property law before the session concludes next Friday.

(Xinhua News Agency March 9, 2007)