China's Ministry of Finance has announced a series of measures approved by the State Council on 25 April 2018 to support SMEs and innovation. The measures include the following:
- The cost threshold for the immediate (current period) deduction of newly-purchased R&D machinery and equipment is increased from CNY 1 million to CNY 5 million;
- The taxable income threshold for the 50% tax reduction for small business is increased from CNY 500,000 to CNY 1 million;
- The exclusion of expenses for…