China's Ministry of Finance, State Administration of Taxation and Ministry of Science and Technology on Tuesday jointly released a document to improve the policy of taxable income deduction on R D expenditure and encourage enterprises to invest more on the R D.
Under the circumstances of big downward pressure on the domestic economy, the improvement in the tax deduction policy will play an important role in promoting enterprises' structural transformation.
The more the enterprises invest in the R D, the more tax incentives they can get, said Wang Jianfan, a senior official of the Ministry of Finance.
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