China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 37 of 2023, which extends the immediate (current period) deduction of newly purchased equipment and tools with a cost not exceeding CNY 5 million. Previously provided until 31 December 2023, Announcement No. 37 of 2023 provides for the immediate deduction for equipment and tools purchased from 1 January 2024 to 31 December 2027. Where the cost of qualifying assets exceeds CNY 5 million, the …