Policies on these sectors aim to attract more foreign investment
China continues its efforts to establish itself as the first technological power. In fact, the Chinese State Council has decided to continue to implement preferential policies regarding income taxes for companies that produce integrated circuits (ICs) and software.
The purpose of these tax reliefs is to strengthen those technological sectors that produce fundamental tools for making technological products; tools that are often bought abroad from China. In this way, the country will also attract more foreign investment to participate and promote development. The decision was made public after an executive meeting of the State Council, chaired by Premier Li Keqiang.
The authorities also aim to improve support policies
China will continue to implement tax reduction and exemption policies for both sectors starting with tax calculations and collection.
Meanwhile, authorities are expected to focus on improving support policies to further promote the development of integrated circuit and software industries at a higher level.
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