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Premier: Preferential tax policies to spur innovation of enterprises

Updated: Mar 07,2021 07:36 AM

Premier Li Keqiang held a joint panel discussion attended by national political advisers from the economic sector on March 6.

The political advisers are in Beijing for the fourth session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body.

This year, as noted in the Government Work Report, the extra tax deduction of 75 percent on enterprises' research and development will be continued, and the rate will be increased to 100 percent for manufacturing enterprises.

Jiang Haoran, a CPPCC member, said this good policy will boost innovation of manufacturing enterprises, and he also proposed that the deduction could be conducted on a quarterly basis, other than by year to ease capital pressure on enterprises.

As an inclusive measure to encourage innovation in enterprises, preferential tax policies are fair and effective, and will allow enterprises to put more into research to spur innovation vitality of all society, Premier Li responded.

He asked related departments to study the suggestion and roll it out in a pilot run if possible.