It has been reported that the Finance Ministry has proposed the reduction of the current corporate income tax (CIT) rate of 28% to 25% from 1 January 2009.
In addition, the following changes have been proposed:
|-||Enterprises operating in hi-tech, education and training, health care, cultural, arts, sports and environmental sectors would qualify for a tax exemption for the first 4 years, and a reduced CIT rate of 10% and 12% for the following 15 and 9 years respectively;|
|-||the CIT rate for approved enterprises may be pegged at 10% for a period in excess of 15 years; and|
|-||newly established companies in poor regions would be subject to a reduced CIT rate of 20% for a 10-year period.|
The National Assembly is expected to discuss these proposals at the final session of the year.
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