Shandong establishes RMB1 billion of financial reward to support high-quality development of key industries
2020-06-04 17:50:42 [Print]
According to news from Shandong Provincial Department of Finance, in order to actively respond to the impact brought by Covid-19, Shandong recently established RMB1 billion (USD140,506,667) of fund to reward leading enterprises with high-quality development results in key industries and guide them to accelerate development amid difficulties.
A person in charge of the Shandong Provincial Department of Finance disclosed that this fund is established for enterprises from new-generation information technology industry, high-end equipment industry, new energy industry, new material industry, modern ocean industry, high-end chemical industry and other key industries.
The fund is divided into two types, namely basic reward fund and incentive fund. Each key enterprise, which has been included in the scope of basic reward and has realized stable growth of tax, will be rewarded RMB2 million (USD281,013). In addition, key enterprises, which have been included in the scope of incentive reward with local tax contributions exceeding RMB100 million (USD1,405,067) and tax growth rates of more than 10%, will be rewarded based on three grades. Specifically speaking, these enterprises, whose taxes grow by 10%-15% (including 15%), 15%-25% (including 25%) and over 20% will be further given RMB5 million (USD702,533), RMB10 million (USD1,405,067) and RMB20 million (USD2,810,133) of reward fund respectively.
A person in charge of the Shandong Provincial Department of Finance disclosed that this fund is established for enterprises from new-generation information technology industry, high-end equipment industry, new energy industry, new material industry, modern ocean industry, high-end chemical industry and other key industries.
The fund is divided into two types, namely basic reward fund and incentive fund. Each key enterprise, which has been included in the scope of basic reward and has realized stable growth of tax, will be rewarded RMB2 million (USD281,013). In addition, key enterprises, which have been included in the scope of incentive reward with local tax contributions exceeding RMB100 million (USD1,405,067) and tax growth rates of more than 10%, will be rewarded based on three grades. Specifically speaking, these enterprises, whose taxes grow by 10%-15% (including 15%), 15%-25% (including 25%) and over 20% will be further given RMB5 million (USD702,533), RMB10 million (USD1,405,067) and RMB20 million (USD2,810,133) of reward fund respectively.
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