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Tax blow for UK a firms in China.

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PositionFirst in ...: All the latest news affecting accountants in business, including regulations updates - Brief article

British companies operating in China will face bigger tax bills when the Chinese government introduces its planned corporate tax reforms. The measures are intended to treat domestic and foreign businesses equally and to encourage high-tech and environmentally friendly enterprises into the country.

Most companies will pay 25 per cent, but this means a substantial increase for many UK firms, according to Stephen Weatherseed, head of Grant Thornton's UK China group. "While it represents a reduction from the previous rate of 33 per cent, some overseas companies operating in China have been used to 15 per cent or less," he said. "A lot of others were granted tax...

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