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.

The draft enterprise income tax law has been presented to the National People's Congress, the top legislature, for deliberation.

We believe that the explanation of the new law that Financial Minister Jin Renqing delivered yesterday makes a compelling case for lawmakers' approval.