Eligible high-tech firms in the Zhongguancun science and technology park will enjoy a 15 percent cut in corporate income tax soon, People’s Daily reported Thursday, citing an official statement. Earnings from technology transfers of less than 5 million yuan (US$816,756) will be exempt from tax while those above that will be taxed at half the rate, the report said. In addition, employees of small and medium sized high-tech companies can pay tax on their stock options by installment. The initiatives are intended to boost technology innovation, the report said.
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