13 April 2021
China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 13 of 2021, which provides an increased R&D super deduction for manufacturing enterprises. This includes an increased deduction of 200% (additional 100%) for R&D expenses actually incurred by manufacturing enterprise in conducting R&D activities that have not resulted in intangible assets with effect from 1 January 2021. Where the R&D activities of the manufacturing enterprise have resulted in intangible assets, 200% of the costs of the intangible assets will be amortized before tax. For the purpose of the Circular, a qualifying manufacturing enterprise is an enterprise whose main business is manufacturing and whose main business income accounts for more than 50% of total income in the year.
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