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back to index backCHINAtalk January,  2017


Are China's taxes killing its competitiveness?

Businesses claim they are being ‘taxed to death’ and losing their advantage over countries such as the United States.

Businesses on the mainland say they are being taxed to death, with the country becoming a less competitive manufacturing base than the United States.

Owners of private businesses, joined by a number of researchers, say Beijing must cut the burdens of tax and quasi taxes, including mandatory social pension contributions. But the government insists its tax rates are still too low compared to rich countries.

Fuel has been added to the debate with US president-elect Donald Trump promising tax cuts for US businesses and British Prime Minister Teresa May vowing British businesses would get the lowest corporate tax rate of the world’s 20 biggest economies.

Chinese billionaire Cao Dewang, founder of Fuyao Glass, stepped into the fray this week, explaining his US$1 billion investment in America by telling mainland media that the tax burden in the US was much lower than that in China.

Zong Qinghou, founder of soft drink group Wahaha, said at a recent forum the country must cut taxes to give businesses breathing room.

“Trump announced shortly after his election win that he plans to cut the corporate tax burden to 15 per cent from 35 per cent – he is trying to help the real economy,” Zong told the 2017 annual meeting hosted by news portal 163.com.

To read the entire article, please click here.

Source: South China Morning Post - GAI





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