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Nov 2017, Issue 33

Tax incentives for Technological Advanced Service Enterprises extended nationwide to attract foreign capital and drive innovation

To further stimulate the growth of foreign capital and create a higher level of open environment for foreign investors, the State Council issued the 22 Measures in August 2017, setting forth a series of objectives for formulating fiscal and tax incentives, including: extending the corporate income tax (CIT) incentives for Technological Advanced Service Enterprises (TASEs) in China. Later on, on 2 November 2017, the Ministry of Finance (MOF), State Administration of Taxation (SAT), Ministry of Commerce (MOC), Ministry of Science and Technology (MST) and National Development and Reform Commission (NDRC) (the “Five Ministries”) jointly issued the “Notice on Nation-wide Implementation of the Preferential CIT Treatment for TASEs (Caishui [2017] No.79 or Circular 79) to extend this CIT incentive nationwide effective from 1 January 2017.

The release of Circular 79 will allow more high-tech and high value-added service enterprises to enjoy this preferential tax policies. In this issue of China Tax and Business News Flash, we will review the process of extending the preferential CIT policies for TASEs, introduce the applicable criteria and preferential policies, and summarize several key points for enterprises’ reference.

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