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Yangpu News
Tax Preferences for Technology Innovation Boost T...
Benefiting from the national preferential tax policy for mass innovation & entrepreneurship, Fudan University (Fudan) has recently become Shanghai's first university entitled to the policy of value-added tax (VAT) rebates for homemade equipment purchase by R&D institutions, getting a tax rebate of 241,000 yuan.

According to the Announcement on Releasing the Administrative Measures for Value-added Tax Rebates for Homemade Equipment Purchase by R&D Institutions (Announcement No. 5 of the State Administration of Taxation in 2017) recently released by the State Administration of Taxation (SAT), VAT shall be fully rebated for homemade experimental equipment, apparatuses and devices providing necessary conditions for scientific research, teaching and technology development, and booked as fixed assets.

After learning the policy, Fudan immediately prepared materials, submitted the materials of VAT rebates for homemade equipment purchase by its first R&D institutions in the Foreign Trade Enterprise Export Rebate Application System, passed examination and got a rebate of 241,000 yuan.

Next Fudan will successively apply for 981 rebate items from three campuses, with a total amount of more than 8.8 million yuan. According to Gou Yannan, President Assistant and Chief of the Finance Division of Fudan, the policy will not only save a lot of money for university and enterprise researches, to boost their input into scientific research and technology development, but also is great news encouraging homemade research equipment manufacturers to develop the market and grow stronger.

Preferential tax policies boost mass innovation & entrepreneurship

Actually, this is not the only preferential tax policy for independent innovation, entrepreneurship and employment. To support mass innovation & entrepreneurship, the country has successively released 83 preferential tax policies for key links and fields of entrepreneurship and employment, covering enterprise lifecycle.

From September 15 to 21, National Mass Innovation & Entrepreneurship Week took place at Changyang Campus. In an event themed "Tax cubic boosting mass innovation & entrepreneurship", heads of Yangpu District, the Shanghai Municipal Office, SAT and the Shanghai Municipal Bureau of Local Taxation distributed the Guidelines on Preferential Tax Policies for Mass Innovation & Entrepreneurship released by SAT to representatives of mass innovation & entrepreneurship enterprises. Representatives of top universities in Shanghai, Changyang Campus and renowned start-up enterprises told stories of mass innovation & entrepreneurship and shared their successful experience. More than 30 key mass innovation & entrepreneurship enterprises in Shanghai participated in the event. 

"National preferential tax policies have provided a lot of support for us to increase R&D input: Our R&D cost can be deducted in the calculation of taxable enterprise income, and we enjoyed R&D cost deductions of 110 million yuan in 2016. Besides, as a key software enterprise in the national plan, we enjoy a reduced tax rate of 10 percent and enjoyed enterprise income tax reductions of 18.56 million yuan in 2016," said Wu Jianmin, an accountant at Shanghai Fudan Microelectronics Group Co., Ltd. who was quite familiar with tax preferences for enterprises. A large part of these preferences will be reinvested in the enterprise's independent innovation projects. "This is tangible national financial support for technology innovation enterprises!" he added.

"Changyang Campus is a mass innovation & entrepreneurship nursery with 10 maker spaces, 2,500 maker posts and a galaxy of innovative enterprises, said Xi Rongqing, General Manager of Shanghai Changyang Campus Enterprise Development Co., Ltd. "In the next period, the park will publicize tax policies and give guidance in coordination with tax departments under the service mechanism of 'tax cubic', to make enterprises know, master and properly use preferential tax policies during independent innovation," he added.

Institutional innovation targets social demands 

"To be steady and sustainable, institutional innovation calls for policy coordination between government departments, and should target social demands," said Li Yueqi, Secretary of the CPC Yangpu District Committee. In recent years, Yangpu has stuck to the concept of "tri-zone linkage and tri-city integration" and the concept of "citywide efforts on innovation", kept to the road of innovation-driven transformation and development, persistently sought power from reform and opening-up, and focused on pilot and early practice.

With focus on the reform of innovation and entrepreneurship systems and mechanisms, Yangpu has aligned its policies with the reform of Shanghai, the construction of the China (Shanghai) Pilot Free Trade Zone and the construction of Shanghai Technology Innovation Center (SHTIC), and broken bottleneck in some key fields and links. The implementation of the ten new exit-entry policies released by the Ministry of Public Security to support the construction of SHTIC in Yangpu has solved the problem of exit-entry inconvenience for overseas high-level talents, and further enhanced its appeal to talents. Yangpu has introduced the "tax cubic" service mechanism to provide targeted support to mass innovation & entrepreneurship enterprises, and helped the University of Shanghai for Science and Technology with the filing for temporarily being exempt from personal income tax for technology achievement transformation (the first case of deferred payment of personal income tax for technology achievement transformation in the country). Yangpu has explored state-owned assets and enterprise reform in depth, worked out the "20 Policies of Yangpu District for State-owned Assets and Enterprise Reform", and further defined the core function of enterprise groups directly under the district.

Yangpu's total tax revenues reached 102.716 billion yuan in 2016, registering a five-year average annual growth rate of 10 percent; Yangpu's total social fixed assets investment reached 27.8 billion yuan, registering a five-year average annual growth rate of 11.7 percent; Yangpu's financial revenues reached 11.898 billion yuan, up 24.2 percent year on year, registering a five-year average annual growth rate of 13 percent, ranking top among central urban areas in terms of growth.

Driven by innovation, Yangpu's economic structure continued to improve. The proportion of the added value of the tertiary industry accounted for 82.9 percent (tobacco excluded) of Yangpu's GDP, up 5.7 percent in five years. The proportion of the added value of knowledge-based modern service industries in the tertiary industry increased by 5.2 percent in five years; the added value of high-tech industries and emerging strategic industries increased by 19.8 percent annually. Over the past five years, Yangpu has achieved brilliant results in investment promotion and capital introduction, with 26,400 enterprises established in Yangpu, outstanding domestic and foreign-funded enterprises including SMI Water, Noah Wealth, Lear and Nike China introduced to Yangpu, and 10 regional headquarters and R&D centers of multinational companies established in Yangpu.

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