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Boost for software, IC

(Xinhua)

08:00, May 04, 2012

The Chinese government has created preferential tax policies for software and integrated circuit (IC) enterprises to spur technological innovation and industrial upgrading, according to a government statement issued yesterday.

Backdated to January 1, 2011 and effective until December 31, 2017, enterprises that manufacture IC lines thinner than 0.8 microns will be exempted from corporate income tax at the first two profitable years.

The enterprises will then be taxed only at half of the tax rate for corporate income for another three years, said a joint statement released by the Ministry of Finance and the State Administration of Taxation yesterday.

China's current corporate income tax rate is set at 25 percent.

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