China's Ministry of Finance has published Announcement No. 29 of 2020, which extends the incentive provided under Circular No 27 of 2012 as amended by Circular No. 49 of 2016 for the integrated circuit (IC) design and software industry. This originally included a five-year tax holiday for eligible IC design companies and software companies that became profitable by 31 December 2017, including a two-year tax exemption followed by a 50% reduced tax rate for three years (i.e., a 12.5% rate), wh…