A series of new laws will be officially put into effect in China on January 1, 2008, including the corporate income tax law.

The new corporate income tax law will replace two earlier regulations that date back to more than a decade and change the unify income tax rates for domestic and foreign-funded companies to an unified 25 percent.



Other new laws, such as the labor contract law, Employment Promotion Law, and Regulations on Paid Annual Leave for Employees will also take effect on New Year's Day.