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15 July 2015

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6.137 Billion CNY Tax Breaks Made in Hunan Hi-Tech Sector in the Past 11 Months

2017-12-15 Download Print

Based on a video meeting convened on December 13, the fruitful results were made on tax breaks for the better development of high and new technology enterprises in recent years. The first 11 months has seen a total of 6.137 billion yuan of tax breaks made by the departments of tax administration at all levels. And the total number of high and new technology businesses is expected to exceed 3,000.

This year, China has raised the proportion of R&D expenses covered by the additional tax reduction policy from 50 to 75 percent for small and medium high-tech enterprises. The move is to encourage R&D investment increase and independent innovation ability improvement. In Hunan Province, the number of enterprises enjoying the preferential policy is estimated to over 1,000.

A general manager from a network science and technology company noted, “The reduction of taxes and fees will help increase profits. The confidence on R&D of businesses will therefore be greatly enhanced.” The initiative is especially beneficial to high and new tech enterprises, which will be more confident to develop new technology, product, and process.

Hence, the Hunan hi-tech enterprises have achieved rapid development with great breakthroughs made in high and new technologies. In the first three quarters, the added value of the hi-tech industry has amounted to 553.46 billion CNY, an increase of 13.8% over the previous year.

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Translator: Liu Pingbo

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