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Unification of corporate income tax will not have a big impact on foreign companies because the extra tax burden caused by the change will be easily offset by the profits they earn in China, Finance Minister Jin Renqing said on Friday.

Finance Minister Jin Renqing gestures at a press conference during the annual session of the National People's Congress in Beijing March 9, 2007.

Under the draft Corporate Income Tax Law, which is expected to be passed at the ongoing National People's Congress next week, domestic and foreign companies will be taxed at a unified rate of 25 percent.

The current rate for Chinese companies is 33 percent, while the rate for overseas players is between 15 and 24 percent.

However, Jin, speaking at a press conference, said the number of enterprises that will see their corporate income tax rate rise from 15 percent to 25 percent will be very limited because sectors such as the high-tech industry and small, low-profit companies will still enjoy preferential rates.

The rate for high-tech companies will remain at 15 percent and that for small, low-profit firms will be 20 percent.

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Jin said the law, if passed, will come into effect on January 1, 2008.

He said because foreign companies will be given a five-year phase-in period, their burden will increase gradually.

After the five-year period, foreign companies are expected to pay 43 billion yuan ($5.5 billion) more in corporate income tax than they do now, he said.

Funding education

Jin said the country will substantially increase public spending on education to make it affordable to poor students.

"The government is most willing to foot the bill for education," he said.

China will spend 220 billion yuan ($28 billion) to ensure children in rural areas can receive nine years of free education. Government funds for the same purpose will rise to 300 billion yuan ($39 billion) in 2010.

He said the government will also significantly expand financial aid programs for vocational training and college students.

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