January 3, 2008

China waives income tax requirement for pig producers
 

China has lifted income tax requirements for pig producers with effect from 1 Jan 2008.

The Enterprise Income Tax Law of the People's Republic of China was announced in mid-December by China's State Department.

The law would also reduce or waive income taxes for various industries in the agricultural sector including the following :

1)      Growing of crops and fruits

2)      Cultivation of new agriculture products

3)      Growing of Chinese medicinal herbs

4)      Cultivation and growing of forestry products

5)      Rearing of domestic animals and poultry

6)      Harvesting of forestry products

7)      Activities related to agriculture, forestry, farming and fishing, like irrigation, agriculture products processing, veterinary, promotion of agriculture technology.

8)      Deep sea fishing.