The Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation on 29 January jointly issued the revised Administrative Measures for the Recognition of High and New Technology Enterprises (HNTE). The HNTE is subject to enterprise income tax (EIT) at the preferential rate of 15% rather than the standard 25%. The new measures retroactively take effect from 1 January.
The new HNTE recognition measures have made some notable changes to the previous HNTE recognition qualifications. First, ownership of IP is required. Previously, to qualify under HNTE, an enterprise needed to obtain core IP rights of its main products/services within the last three years by way of self-development, transfer, donation, merger and acquisition (M&A), or a global exclusive licence for a period of more than five years.
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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com
