List announced of Lin-gang firms to get a break
The Lin-gang Special Area in East China's city of Shanghai recently announced the first tranche of businesses in key industries that will benefit from a preferential corporate income tax.
Thirty-seven companies -- including Tesla and SenseTime -- were included in the list. Some 18 of these were integrated circuit companies, while another 15 were intelligent artificial companies, three were biomedicine companies and one was a civil aviation enterprise.
According to the Overall plan for Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone, companies specializing in key industries such as IC, AI, biomedicines and civil aviation, stand to be granted a 15 percent corporate tax rate for the first five years after their registration in Lin-gang.
InventChip Technology Co Ltd is one of the 37 firms. It was established in Lin-gang Special Area in 2017 and can enjoy the cut-price tax until the end of 2022.
According to an official of the Lin-gang Special Area Administration, the second group of companies that will fall under the preferential tax policy has already been identified and the third batch will be put together soon.
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