Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Policy

China offers R&D tax cut for integrated-circuit, machine-tool firms

September 19, 2023


Abstract : Chinese authorities on Monday announced a tax cut on the research and development (R&D) expenses of eligible integrated-circuit and machine-tool firms between Jan. 1, 2023 and Dec. 31, 2027, to spur enterprise-led innovation.

Tax personnel introduce tax preferential policies to a financial worker at battery manufacturer SCUD in Fuzhou, southeast China's Fujian Province, Feb. 7, 2023. (Xinhua/Wei Peiquan)

BEIJING, Sept. 18 (Xinhua) -- Chinese authorities on Monday announced a tax cut on the research and development (R&D) expenses of eligible integrated-circuit and machine-tool firms between Jan. 1, 2023 and Dec. 31, 2027, to spur enterprise-led innovation.

During the period, such costs, if not covered in the income statement as intangible assets, will be deducted before tax based on 120 percent of the actual amount incurred, in addition to the existing rule that such costs will be deducted before tax, according to the announcement.

If the costs have been taken as intangible assets, they will be amortized at 220 percent as intangible asset costs before tax.

The announcement was jointly made by the Ministry of Finance, the State Taxation Administration, the National Reform and Development Commission, and the Ministry of Industry and Information Technology.

Scan the QR code and push it to your mobile phone

Keyword: R&D Integrated circuit

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial