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Daily Pulse: Upcoming Tax Benefits for VC Firms
9 ratings
Written by Emilie Wu
Published at 2018-12-13 10:16
Summary
Li Keqiang announced that the government will provide tax benefits for venture capital (VC) firms from January 1, 2019, effective for five years. Under the latest regulation, individual VC partners can either choose to pay personal income taxes at a tax rate of 20%, or pay taxes based on business earnings at progressive tax rates ranging from 5% to 35%. Through these changes, the Chinese government aims to promote industrial investments, and innovation and lower the unemployment rate. Within the tech sector, China will issue a new plan to replace the existing ‘Made in China 2025’ program early next year. In light of current US-Sino trade tensions, the Chinese government may aim to make more efforts to allay US relations. Today, A-share markets rose. SHCOMP increased 1.23% to 2,634.05, SICOM grew 1.43% to 7,808.04, and CSI 300 lifted 1.55% to 3,219.69. ChiNext Price Index climbed 0.73% to 1,348.50. The Hang Seng Index went up 1.29% today to 26,524.35.
