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Regulations for corporate income tax announced

China’s State Council, or the cabinet, has announced regulations aimed at helping to enforce the country’s new corporate income tax law.

Premier Wen Jiabao has signed a State Council order to approve the promulgation of the regulations which were published on Tuesday.

The regulations, to take effect on January 1, 2008, replace two earlier regulations promulgated by the government more than a decade ago.

It will be the first time since 1978 that China puts domestic and foreign firms on an equal footing in income taxation in an effort to promote fair competition.

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