NETDA rolls out favorable tax policies to help private enterprises pursue innovation

The tax authorities in the Nantong Economic and Technological Development Area explain favorable policies to a member of a high-tech private enterprise in the area. [Photo provided to NETDA]

The tax authorities in the Nantong Economic and Technological Development Area (NETDA), East China's Jiangsu province, have rolled out a raft of policies to encourage private enterprises to pursue scientific and technological innovation.

Specifically, authorities have implemented the "One company, One policy" measure, collected data on high-tech enterprises, explained favorable policies, and compiled handbooks to ensure the related entities can benefit from the policies.

Xu Xing, CFO of Zhongtian Cable Technology Co based in the area, said that the preferable tax policies strengthened his company's confidence in increasing funding to conduct scientific research and advance industrial upgrading and transformation.

Zhongtian is a private high-tech enterprise that is engaged in the manufacturing, research and development, design, and sales of optical and electric cables.

Lei Yinhua, CFO of Cowain Technology Co, noted that her company saved 28.48 million yuan ($3.91 million) in taxes and fees due to favorable policies in the second quarter of this year.