Ministry of Finance, State Taxation Administration: Further improve the tax deduction policy for R&D expenses.
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2023-04-01 11:16
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Ministry of Finance, State Administration of Taxation: Further improve the tax deduction policy for R&D expenses before tax
According to a news release from the Ministry of Finance on March 27, the Ministry of Finance and the State Administration of Taxation issued an announcement on further improving the tax deduction policy for R&D expenses before tax. The announcement states that for R&D expenses actually incurred by enterprises during R&D activities that do not form intangible assets included in the current profit and loss, starting from January 1, 2023, in addition to the actual deduction according to regulations, an additional 100% of the actual amount can be deducted before tax; for those that form intangible assets, starting from January 1, 2023, they can be amortized before tax at 200% of the cost of the intangible assets.
Announcement on further improving the tax deduction policy for R&D expenses before tax
Announcement No. 7 of 2023 by the Ministry of Finance and the State Administration of Taxation
In order to further encourage enterprises to increase R&D investment and better support technological innovation, the following announcement is made regarding the tax deduction policy for enterprise R&D expenses before tax:
1. For R&D expenses actually incurred by enterprises during R&D activities that do not form intangible assets included in the current profit and loss, starting from January 1, 2023, in addition to the actual deduction according to regulations, an additional 100% of the actual amount can be deducted before tax; for those that form intangible assets, starting from January 1, 2023, they can be amortized before tax at 200% of the cost of the intangible assets.
2. Other policy guidelines and management requirements for enterprises to enjoy the R&D expense deduction policy shall be implemented in accordance with the relevant provisions of the "Notice of the Ministry of Finance, State Administration of Taxation, and Ministry of Science and Technology on Improving the Tax Deduction Policy for R&D Expenses" (Cai Shui [2015] No. 119), and the "Notice of the Ministry of Finance, State Administration of Taxation, and Ministry of Science and Technology on Issues Related to the Tax Deduction Policy for Enterprises Entrusting Overseas R&D Expenses" (Cai Shui [2018] No. 64), and other documents.
3. This announcement shall be implemented from January 1, 2023. The "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Improving the Tax Deduction Policy for R&D Expenses" (Announcement No. 13 of 2021 by the Ministry of Finance and the State Administration of Taxation), the "Announcement of the Ministry of Finance, State Administration of Taxation, and Ministry of Science and Technology on Further Increasing the Tax Deduction Ratio for R&D Expenses of Technology-based SMEs" (Announcement No. 16 of 2022 by the Ministry of Finance and the State Administration of Taxation, Ministry of Science and Technology), and the "Announcement of the Ministry of Finance, State Administration of Taxation, and Ministry of Science and Technology on Increasing Support for Tax Deductions for Technological Innovation" (Announcement No. 28 of 2022 by the Ministry of Finance and the State Administration of Taxation, Ministry of Science and Technology) are simultaneously abolished.
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