China’s State Council, or cabinet, began phasing in the new unified corporate income tax which took effect on January 1 with new rules covering the transition to a single tax rate of 25% for foreign and domestic firms by 2012. In a statement published on the website of the Ministry of Finance, the five-year phase-in period involves a tax rate of 18% in 2008, 20% in 2009, 22% in 2010, 24% in 2011 and 25% in 2012, for companies previously assessed at the 15% rate. Get more info about the new tax law from AmCham’s China Wire.  Also read AmCham member Deloitte’s Unofficial Translation of the Enterprise Income Tax Law.