No Income Tax For Tech Enterprises

February 27, 2006 | Print | Email Email | Comments | Category: Business





    China's State Council plans to soon enact ten complementary clauses to facilitate the implementation of the "State's Long-Term Science and Technology Development Outline (2006-2020)".

    The ten clauses cover technology input, tax stimulus, financial support, government procurement, marketing innovation, intellectual property rights protection, human resources, education, technological innovation, and technical coordination.

    For tax stimulus, enterprises will be allowed to override their payable taxes with 150% of their actual development expenditures and they can continue to do so for five years provided that the amount of actual development expenditure is within certain undisclosed guidelines.

    High-tech enterprises also do not need to pay income tax within two years of first becoming profitable and they only need to pay 15% of income tax for the subsequent two years afterwards.

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