On 4 August 2020, China's State Council issued a Policy Notice on policies to promote the development of the integrated circuit and software sectors. For encouraged integrated circuit (IC) production enterprises and projects, the notice includes the following incentives:
- a 10-year corporate tax exemption for IC enterprises and projects employing a process of 28 nanometers or less that have been operating for more than 15 years;
- a 5-year corporate tax exemption followed by a 50% rate reducti…