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A draft on the reallocation of land-use revenue has been completed.

It says, in part, that revenue from land-use transfers will be incorporated into the fiscal budget of provincial governments and put under the supervision of the provincial People's Congress.

Jin also said the corporate income tax law now under parliamentary deliberation is expected to take effect on January 1, 2008, if it is passed at the ongoing session of the NPC.

The draft law, which proposes unifying the corporate income tax rate of domestic and overseas-funded companies at 25 percent, was submitted to nearly 3,000 NPC deputies for examination on Thursday.

Overseas-funded companies in China have long enjoyed a preferential income tax rate of 15 percent, while Chinese companies have to pay 25 percent.

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