China offers temporary tax breaks to foreign companies to counter US tax plan
http://www.scmp.com/news/china/econo...ost-investment
Quote:
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Foreign firms will be exempt from withholding taxes on profits they reinvest in industries specified by Beijing, the finance ministry and tax agency said. It is also retroactive to January 1, 2017, meaning such companies will receive a refund on taxes paid this year.
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Specified by Beijing is an interesting requirement. What industries would these be? China already bans certain types of foreign companies like finance and telecom. Sounds to me like a ploy to try and stop foreign companies already leaving China for cheaper places like Vietnam.
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