China to revoke tax breaks on foreign companies in SEZs

BEIJING (AFX-ASIA) - Foreign companies located in special economic zones  will no longer be exempt from paying sales taxes in their first five years of  business, the China Daily reported, citing the Ministry of Finance.      The ministry said it is revoking its five-year tax exemption on the sale  of goods from foreign-invested companies and foreign financial companies in  the special economic zones of Zhuhai, Shenzhen, Xiamen, Shantou, Hainan,  Pudong and Suzhou.       The ministry is also to harmonize the different tax rates on  entertainment facilities and levy an across-the-board sales tax of 20 pct for  all facilities such as golf courses, bowling alleys, nightclubs and billiard  halls, the paper said.			

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