R&D tax deductions save companies trillions
China DailyA woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. More than 629,000 companies across China have benefited from a total of 3.45 trillion yuan in R&D expense tax deductions last year, said the country's top tax authority in a recent press conference. Huang Yun, spokesperson of the State Taxation Administration, said that last year, around 405,000 high-tech companies enjoyed R&D tax deductions totaling 2.83 trillion yuan, marking a 15.1 percent year-on-year increase. According to Huang Yun, the spokesperson and director of the General Office of the State Taxation Administration, data from the 2023 annual corporate income tax settlement, which concluded in the first half of this year, revealed that approximately 629,000 enterprises across China benefited from R&D expense deductions totaling 3.45 trillion yuan. In 2023, around 405,000 high-tech companies enjoyed R&D tax deductions amounting to 2.83 trillion yuan, marking a 15.1 percent year-on-year increase.
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