A contractual joint venture shall, in accordance with state provisions on tax, pay taxes and may enjoy the preferential treatment of tax reduction or exemption.

合作企业依照国家有关税收的规定缴纳税款并可以享受减税、免税的优惠待遇。

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Enterprises with foreign capital shall pay taxes in accordance with relevant state provisions for tax payment, and may enjoy preferential treatment for reduction of or exemption from taxes.

外资企业依照国家有关税收的规定纳税并可以享受减税、免税的优惠待遇。

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Article 20 a contractual joint venture shall, in accordance with State regulations on tax, pay taxes and may enjoy the preferential treatment of tax reduction or exemption.

第二十条合作企业依照国家有关税收的规定缴纳税款并可以享受减税、免税的优惠待遇。

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Housing markets may be forever doomed to cyclicality for many reasons, but public policies that stimulate new construction or home purchases by tax and financing subsidies, reduction of qualifying incomes, buyer credits, mortgage backstopping, and preferential zoning and permitting, only intensify these cycles.

WSJ: Robert Bridges: A Home Is a Lousy Investment