It has been reported that the National People's Congress discussed the draft of the unified enterprise income tax on 25 December 2006. The significant changes contained in the draft are summarized below: -   the rate of the new enterprise income tax is set at 25%, and a rate of 20% is proposed for enterprises with low profits if certain conditions are satisfied. The conditions will be elaborated in the implementing rules of the new enterprise income tax; -   the tax incentives for manufacturing businesses and export-oriented enterprises will be removed and instead, a set of new incentives introduced....