The Government has issued a decree creating more favourable conditions for the development of businesses operating in the field of science and technology (Photo: VNA)Hanoi (VNS/VNA) - The Governmenthas issued a decree creating more favourable conditions for the development ofbusinesses operating in the field of science and technology.
Under the decree, which takes effect from March 20, these businesses will enjoypreferential treatment such as corporate tax cuts and exemptions, cuts in landand water surface lease fees and credit incentives, the Government news portalbaochinhphu.vn reported on February 13.
Scientific and technological businesses with income sourced from creating andselling products which result from scientific research and technologicaldevelopment will get corporate tax reduction and exemption the same asbusinesses with new investment projects in scientific research andtechnological development. Specifically, they will be exempted from corporatetax for four years and get a reduction of 50 percent in the ninefollowing years.
The decree also stipulates that scientific and technological businesses will beexempt from or get a cut in land and water surface lease fees.
Concerning credit incentives, the decree states that projects investing inproducts which result from businesses’ scientific research and technologydevelopment will be provided with State’s investment credit.
Science and technology businesses that carry out scientific and technologicaltasks and apply science and technology in production and trade will getfinancial support or credit with preferential interest rates from the nationalfund for technological renewal and from the fund for scientific andtechnological development of the Ministry of Science and Technology and ofrelevant ministries, agencies and localities.
Businesses with feasible scientific and technological development projects willget loans with preferential interest rates from the national fund fortechnological renewal and from the fund for scientific and technologicaldevelopment of the Ministry of Science and Technology and of relevantministries, agencies and localities or will be guaranteed to get loans fromcommercial banks.
Under the decree, scientific and technological businesses will also get importand export tax incentives for research and development.
These businesses will also get priority in using equipment at key nationallaboratories, State-owned scientific research and technology facilities andtechnology incubators. –VNS/VNA
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