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China to expand lower tax rates for high-tech service companies nationwide

Key Points
  • China extends a pilot program of lower taxes for high-tech tax firms started in 2014
  • The program will expand from 21 cities to a nationwide footprint
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China's finance ministry said on Friday that it will expand corporate tax rate cuts for high tech services firms nationwide, adding that the tax rate would be reduced to 15 percent, effective January 1, 2017.

China rolled out its trial tax cut program for high tech services firms in 21 major cities in 2014, in an effort to boost its overall competitiveness. The previous tax rate was not immediately available.