The China Daily has reported:

A new law to unify income taxes for both Chinese and foreign enterprises has been in the pipeline for a while. It is high time to get it passed to create an equal taxation footing for all businesses in the country.

We wholeheartedly agree.

It's a black day in the British Virgin Islands as a result. The incentive for Chinese people to illegally ship their money out of the country, launder it in the BVI and send it back as what looks like foreign direct investment has gone. That's a double gain for China.