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Corporate and Individual Taxation in the People's Republic of China . By Timothy A. Gelatt and Ta-Kuang Chang. [Hong Kong: Longman (3rd ed.) 1989. 61 pp.]

Ironically this 1989 overview of China's tax legislation and policy, conceived as an up-to-date practitioner's guide, is now partially outdated after the promulgation of the "Income Tax Law of the PRC for Enterprises with Foreign Investment and Foreign Enterprises" (the "Tax Law for Foreign Enterprises") which became effective on 1 July 1991. The new statute replaces the Joint Venture Income Tax Law of September 1980 and the Foreign Enterprise Income Tax Law of December 1981, and unifies what was previously a three-tier tax structure with different rates for equity joint ventures, co-operative joint ventures and wholly foreign-owned joint ventures. Now all foreign ventures operating outside special tax-concession areas will be subject to an effective tax rate of 33 per cent, the rate formerly levied on equity joint ventures, but lower than the rates formerly required to be paid by wholly-owned foreign concerns and contractual joint ventures, which had their earnings taxed by as much as 50 per cent. Admittedly, China's fast-changing economic policy and uninterrupted promulgation of new legislation make any analyst's job a difficult one. Thus, the authors can be forgiven for other nowoutdated references to "decentralization" of political and economic decision-making in China, and the perpetually premature statement that "Chinese law drafters are in the process of finalizing a Company Law." The abundance of local legislation at the provincial and municipal levels, some of it in direct conflict with national rules, and a host of "internal" regulations and directives not generally available to foreign scholars and practitioners makes the author's task doubly difficult.