China Tax/Business News Flash

Nov 2015, Issue 47

The State Council issued new guidance to drive start-ups and innovation

On 21 October 2015, Premier Li Keqiang hosted a State Council executive meeting in Beijing and made a speech regarding refining the super deduction policy for Research and Development (R&D) expenses and enhancing the undertaking of R&D by enterprises. Meanwhile, it was also announced to extend certain income tax policies in the National Innovation Demonstration Zones (NIDZs) nationwide with the intention to promote structural adjustment and drive start-ups and innovation.

Soon after the executive meeting, the Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued Caishui [2015] No.116 (Circular 116), extending the piloted income tax incentives implemented in NIDZs nationwide.

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