Preferential Income Tax Policy for Small & Low-Profit Enterprises to Expand
On 11th July 2018 China’s Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly released the Notice on Further Expanding the Coverage of the Preferential Income Tax Policy for Small Low-profit Enterprises, Caishui [2018] No. 77, according to which, the upper limit of taxable income for small and low profit enterprises that can receive tax preferences has been raised from RMB 500,000 to 1 million.
Shanghai to attract foreign R&D Centers
Shanghai to Attract Foreign R&D Centers
Shanghai Municipal Government will offer financial incentives for foreign-invested research and development centers as the city aims to turn itself into technology and innovation hub.
Foreign investors are encouraged to set up R&D centers as the government will offer 5 million yuan for foreign-invested R&D centers employing more than 100 employees. The R&D centers will also receive subsidies to cover as much as 30 percent of the rent for three years and preferential policies for foreign employers of these centers to have easier access to social services including medical, health services and less processing time for visa and work permits (qualified expats will be given multiple entry visas valid for 5 to 10 years)
According to official data, there were 416 foreign-invested R&D centers in Shanghai by the end of August.