The State Council, China's cabinet, announced on Wednesday that some trial preferential tax policies currently implemented in the National Innovation Demonstration Zones, such as Beijing's technology hub Zhongguancun Science Park, are now expanded nationwide.
According to a statement released after an executive meeting of the State Council chaired by Premier Li Keqiang on Wednesday, starting from Oct.1, 2015, partners of limited partnership venture capitalists who invest in equities of an unlisted small-or-medium-sized high technology business for more than two years will be allowed to have up to 70 percent of their investment deducted from taxable income.
The pilot tax policies were first introduced in Zhongguancun in 2013, and then, in June, extended to all the National Innovation Demonstration Zones across China, as well as to two technology parks in Anhui and Sichuan provinces.
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