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PACIFIC WATCH

China

August 29, 1994|From Times Staff and Wire Reports

Some Foreign Firms to Get Tax Refunds: China has begun to refund taxes to about one-third of its foreign-funded ventures that have been hurt by a new tax system, the New China news agency said. Foreign-funded firms approved by authorities before Dec. 31 will get rebates for their increased tax burden for up to five years, the agency reported. One-third of foreign-funded ventures are hurt by a new tax system, including a value added tax, which went into effect this year, while one-third gained from it, said Dong Shukui, deputy director of the State Administration of Taxation's tax department.

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