Inner Mongolia takes measures to support enterprise R&D
North China's Inner Mongolia autonomous region recently announced the Enterprise Research and Development Investment Financial Subsidy Measures, the first of their kind issued in the region.
The document was jointly launched by Inner Mongolia Department of Science and Technology, Department of Finance, and the Inner Mongolia branch of the State Taxation Administration.
It mainly clarifies concepts related to financial subsidies for enterprise R&D, clarifies the division of responsibilities of relevant government departments and enterprise recommendation procedures of leagues and cities in the region.
It aims to incentivize enterprise innovation, mobilize enterprise innovation, and help create a good business environment.
In 2020, the government and Party committee of Inner Mongolia issued related policies to support technological innovation among enterprises.
These policies clarify that a qualified enterprise will be awarded funds according to the enterprise's R&D investment intensity and incremental increase over the previous year.
The highest bonus for a single enterprise is 5 million yuan ($750,187.55) per year.