Jiangsu has over 50,000 SMSTEs in the national database

2021-09-15 16:55:00

Jiangsu Province has organized the evaluation of small- and medium-sized science and technology enterprises (SMSTEs) for six times this year, allowing 51,493 firms to be formally added to the National Information Database for SMSTEs, up 64.7% year on year, accounting 22.6% of the national total.

The province became the first in China to have over 50,000 SMSTEs in the information database, the highest in the country. Companies in the database can enjoy extra tax deduction on the research and development (R&D) expenses.

In recent years, the province’s Department of Science and Technology has actively implemented the national and provincial decisions and plans on science and technology innovation. The department makes it a priority to support SMSTEs through close coordination with different sides and improving the services.

In the first half of the year, the province granted the pre-tax deduction for R&D expenses of SMSTEs totaling 47.8 billion yuan, up 72.5% year on year. Such measures have reduced the R&D cost and stimulated the vitality of innovation-driven growth.