UPDATE 1-China plans 5-yr let-out in new foreign-firms tax


(Adds background) BEIJING, May 30 (Reuters) - Businesses already set up when China scraps tax breaks for foreign-funded firms will get a five-year exemption, the China Daily said on Monday, reporting for the first the duration of the transition period. China had reached a decision to unify the tax rate for domestic and foreign firms from 2007 to create a fairer market environment, the paper cited the head of a government advisory body under the Ministry of Finance as saying. President ...

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