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China to expand tax breaks for R&D, venture capital
[SHANGHAI] China will expand preferential tax policies for firms engaged in research and development beginning in 2016, according to a statement posted Wednesday night on the State Council website following a Council meeting chaired by Premier Li Keqiang.
Venture capital firms investing in new technology start-ups for more than two years will also receive tax breaks beginning in October 2015, the statement said.
In addition, a draft of the reform to the nationwide residence permit system was also approved, the statement said, without providing further details.