Shanxi offers tech SMEs tax preferences

Shanxi province is enacting taxation preferential policies targeting local tech small and medium-sized enterprises (SMEs) to boost entrepreneurship and innovation.

The Shanxi Science and Technology Department has recently released a list of 745 tech small and medium-sized enterprises, including 419 high-tech SMEs, who will be able to take advantage of the policies.

"The taxation preferential policies encourage and help our company transform into a tech business," said Xue Xiaodong, general manager of Shanxi Changda Transport Material Technology Co, which is included in the list.

According to the details of the policies, the proportion of extra deductions for R&D expenses for the tech SMEs listed can be raised from 50 percent to 75 percent between Jan 1, 2017 and Dec 31, 2019.