May 22, 2019 / 7:32 AM / 4 months ago

China to offer preferential tax treatment for integrated circuit design, software firms

BEIJING, May 22 (Reuters) - China will offer preferential income tax treatment for companies involved in integrated circuit design and software, in an effort to support the development of the industry, the Ministry of Finance said on Wednesday.

Companies in integrated circuit design and software industries can be exempt from paying income taxes in the first two years if they were profitable before the end of 2018, the finance ministry said in a statement published on its website.

The income tax rate for those firms will be halved to 12.5% from 25% in the third to fifth year, said the ministry. (Reporting by Min Zhang and Beijing Monitoring Desk Editing by Shri Navaratnam)

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