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Additional deductions for research and development expenses and preferential tax policies for new and high-tech enterprises will be adopted for all

Recently released, the implementation of greater strength of research and development expenses additional deductions, high and new technology enterprises tax incentives and other inclusive policies. In the Government Work Report for 2021, we will continue to implement the policy of deducting 75 percent of enterprises’ R&D expenses, raise the deduction rate for manufacturing enterprises to 100 percent, and use tax incentives to encourage enterprises to invest more in R&D, so as to encourage them to lead development through innovation. An executive meeting of the State Council held on March 15 proposed that the policy of increasing the proportion of additional deductions for R&D expenses of manufacturing enterprises should be implemented as soon as possible, and the settlement period should be shortened to make enterprises feel the same year. Extra deductions for enterprise research and development expenses are rapidly becoming the focus of taxpayers’ attention. Find out more about research and development expenses plus deductions on today’s program.

What is “R&D Expenses Plus Deduction”?

According to the regulation, enterprise income tax law of article 30 in the first paragraph (a) research and development expenses claim additional deduction of refers to the enterprises for the development of new technologies, new products, new technology research and development costs, not form the intangible assets included in the current profits and losses, on the basis of provide in accordance with the relevant provisions, in accordance with the research and development expenses claim additional deduction of 50%; If an intangible asset is formed, it shall be amortized at 150% of the cost of the intangible asset.

According to the Ministry of Science and Technology of the taxation administration of the Ministry of Finance on improving the research and development expenses claim additional deduction pre-tax proportion of notice (caishui [2018] 99 date) regulation, the enterprise to carry out research and development activities in the actual development costs, not form the intangible assets included in the current profits and losses, on the basis of in accordance with the provisions, provide, on January 1, 2018 to December 31, 2020, again according to the actual amount of 75% claim additional deduction before taxes; If intangible assets are formed, they shall be amortized at the pretax rate of 175% of the cost of intangible assets during the above-mentioned period.

In which industries can R&D expenses not be deducted before tax? I mean Turbotax deluxe 2020 might help you to do some tax calculation easily.

According to the Circular of the Ministry of Finance and the Ministry of Science and Technology of the State Administration of Taxation on Improving the Policy of Pre-tax Extra Deduction for Research and Development Expenses (Caixia [2015] No. 119), industries that are not subject to the policy of pre-tax extra deduction are:

1. Tobacco manufacturing. 2. Accommodation and catering. 3. Wholesale and retail. 4. Real estate. 5. Leasing and business services. 6. Entertainment. 7. Other industries stipulated by the Ministry of Finance and the State Administration of Taxation.

The above industries shall be subject to the Industry Classification and Code of National Economy (GB/4754-2011) and updated accordingly.Later I will introduce turbotax, quickbooks, H&R Block tax software in my blog.


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