New Corporate Tax Law To Change Medical Industry Landscape
This article was originally published in PharmAsia News
China's new corporate income tax law, which came into effect in 2008, seeks to lower corporate income tax for companies that qualify as high-tech enterprises. To encourage more technology investment, corporate R&D expenses will receive 150 percent deduction before taxation. Revenue from the commercialization or transfer of technology will be tax-exempted for the first 5 million yuan, with taxation halved for the balance. To remove the difference in taxation for local and foreign firms, now at 33 percent and 18 percent respectively, the new law will standardize the rate at 25 percent. Foreign pharmaceutical companies will be taxed 18 percent this year, 20 percent in 2009, 22 percent in 2010, 24 percent in 2011, and 25 percent from 2012. (Click here for more - Chinese Language)
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