China MOF Issues Guidelines on Preferential Tax Policies to Support Scientific, Technological Innovation

The Chinese Ministry of Finance March 12 issued guidelines on preferential tax policies to support scientific and technological innovation. The guidelines include: 1) a 70 percent tax deduction for two years on covered investment income for corporate venture capital companies; 2) VAT policies on refunds and exemptions, including exempted imports of supplies used for scientific and technological development; 3) policies regarding individual and corporate income tax reduction, exemption, installment payments, tax deferral, accelerated depreciation, and enterprises investing in technological achievements; 4) a property tax exemption for non-profit scientific research institutions; 5) pre-deductions and a 120 percent super deduction policy for ...