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China affords tax incentives to steer U.S. firms to remain

BEIJING — China mentioned Thursday that it might briefly exempt overseas firms from paying tax on their earnings, a bid to maintain U.S. companies from taking their income out of China following Washington’s overhaul of the U.S. tax code.

There’s, nonetheless, a catch: To be eligible, the businesses should make investments these earnings in sectors inspired by China’s authorities — together with railways, mining, know-how and agriculture — in accordance with an announcement from the Finance Ministry.

The measure is retroactive to Jan. 1 this yr, the ministry mentioned.

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