Reducing the financial burden on companies by means of tax incentives supporting innovation and stabilizing growth is one of the most important tasks for the Chinese government. With the increasingly challenging economic environment and anticipated launch of tax reduction policies by various other countries, the State Council executive meeting, hosted by Premier Li Keqiang, announced a series of new measures to implement further tax and levies reduction. These include the relaxation of R&D super-deduction requirement as well as the extension of tax incentives currently given to venture capital to high-tech enterprises in eight designated locations plus Suzhou Industrial Park. Others include streamlining applicable VAT rates, reducing the threshold for enjoying the small enterprises preferential corporate tax rate and tax deduction for commercial health insurance, etc. We believe that all these measures would lead to a significant impact on companies in their current tax and financial position and in the formulation of their future business plans.
Due to the importance of this matter, the Chamber will be holding a seminar conducted by Deloitte China's Tax Partner Sarah Chan and Winnie Shek on 19 July. This seminar will cover useful information relating to the series of tax reduction policies as aforementioned.
Sarah Chan has more than 20 years of tax and business advisory experience in Mainland China, Hong Kong and the U.S. She is a fellow member of the Association of Chartered Certified Accountants (ACCA), Hong Kong Institute of Certified Public Accountants (HKICPA) and Hong Kong Taxation Institute. Winnie Shek also has extensive experience in providing Hong Kong and Mainland China tax and business consulting services, from general tax/regulatory compliance to tax planning and implementation including pre-IPO restructuring, corporate reorganizations, and cross-border tax consulting services.