China to Unveil Business-taxes Reductions Plan in 2010

China will unveil a package of business-tax reductions next year to help the economy, according to news reports.

While China's State Administration of Taxation plans to raise the minimum income-tax threshold, it will also lower taxes on small and medium-sized enterprises, the reports said, citing an anonymously sourced account in the Chinese 21st Century Business Herald newspaper.

The tax authority also plans to lower taxes on the service industry and high-tech companies, the reports said.

In a related move, Chinese officials also plan to continue export-tax rebates in 2010, Dow Jones Newswires reported, citing a Ministry of Commerce statement.