Shenzhen's New Measures for the Accreditation of High and New Technology Enterprises

On May 7, 2009, the Science and Information Bureau and the Financial Bureau of Shenzhen Municipality jointly released the Administrative Measures of Shenzhen Municipality for the Accreditation of High and New Technology Enterprises (the "Measures"), effective the promulgation date, which was to supersede the Measures on the Accreditation and Examination of High and New Technology Enterprises and the Accreditation Standard of High and New Technology Enterprises of Shenzhen Municipality.  The Measures set forth new standards and procedures for the accreditation of high and new technology enterprises in Shenzhen.  Some of the new accreditation requirements, such as those on the percentage of research and development ("R&D") expenses out of total sales revenue and percentage of R&D personnel out of the total number of employees, are slightly lower than those of the national level requirements stipulated in the Administrative Measures on the Accreditation of High and New Technology Enterprises, jointly promulgated by the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation on April 14, 2008 (the "National Measures").  As a result of the lower standards, high and new technology enterprises accredited pursuant to the Measures might not be entitled to the full benefits available to enterprises with high and new technology enterprise status under the National Measures.


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