China Raises Pre-Tax Additional Deductions for R&D Expenses of Manufacturing Firms
China Raises Pre-Tax Additional Deductions for R&D Expenses of Manufacturing Firms April 15, 2021 Posted by China Briefing Written by Zoey Zhang Reading Time: 3 minutes
On April 7, 2021, China’s Ministry of Finance (MOF) and State Taxation Administration (STA) jointly released the
Announcement on Further Improving the Policy for Pre-Tax Additional Deductions for R&D Expenses (MOF SAT Announcement [2021] No.13). The announcement, with retrospective effect from January 1, 2021, increases the ratio of additional deduction on manufacturing firms’ R&D expenses from 75 percent to 100 percent.
According to the announcement, for R&D expenses actually incurred by manufacturing firms:
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Purchasing Managers Index for January 2021
National Bureau of Statistics of China
2021-02-01 09:30
China Federation of Logistics and Purchasing(CFLP)
In January 2021, China s Manufacturing Purchasing Managers Index (PMI) was 51.3 percent, down by 0.6 percentage point from last month, which was above the threshold for eleven consecutive months, indicating that the manufacturing industry continued to expand, but the pace slowed down.
In terms of enterprise scale, the PMI of large and medium-sized enterprises was 52.1 and 51.4percent, which was 0.6 and 1.3 percentage points lower than that of last month, both still higher than the threshold; the PMI of small enterprises was 49.4 percent, which was 0.6 percentage point higher than that of last month, but still lower than the threshold.