Recently, it was learned from the Nanning Municipal Development and Reform Commission that the city has rolled out the application work on preferential tax policy for manufacturers of major materials supporting epidemic prevention and control. The eligible enterprises who are willing to apply for the tax preference may submit application materials to competent authorities for approval. The enterprises included in the list for management can enjoy the preferential tax policy.
According to relevant national announcement, as for a manufacturer of major materials supporting epidemic prevention and control, it is allowed to make an one-time inclusion of the cost of new equipment that are purchased for increasing its capacity into the current expenses for pre-tax deduction. Such manufacturer may apply to competent tax authority for full refund of VAT increment tax credits on monthly basis. To be specific, the incremental tax credits refer to newly-added amount compared to that at the end of December 2019.