China to extend tax preferences for IC, software companies

BEIJING — The State Council, China's cabinet, decided to continue the preferential corporate income tax policies for integrated circuit (IC) and software companies.

The country will also attract more investment from home and abroad to participate in and promote the development of the two sectors, according to a statement made public after a State Council executive meeting presided over by Premier Li Keqiang on May 8.

China will continue to implement the tax cut and exemption policies for both sectors starting from the tax calculation and collection for 2018.

Meanwhile, authorities should focus on improving the supporting policies to further promote the development of IC and software industries to a higher level, the statement said.