Tax Levy and Administration News
- Govt. to write off tax arrears for northeast
Date: 9-Jan-2007 Sources: (Shenzhen Daily)
THE Ministry of Finance has issued a circular waiving tax arrears for companies in three northeastern provinces -- Heilongjiang, Jilin and Liaoning.
Companies in the region, often referred to as China's rust belt, will be exempted from paying taxes incurred prior to Dec. 31, 1997, according to the circular. 'The measure will lighten the financial burden on companies which are restructuring,' said Jia Kang, director of the Ministry's financial section, adding that the measure will help revitalize industries in the region.
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