The hall of the Lin-gang Special Area Administrative Service Center [Photo/WeChat account: shlgguanweihui]

A total of 106 companies that are resident in the Lin-gang Special Area in Shanghai have so far passed certification allowing them to enjoy 15 percent business income tax rates, a local government official said on Aug 9.

Under the State Council's requirement for the Lin-gang Special Area's overall plan, business income tax shall be levied at a reduced rate of 15 percent. That's within five years from the date of the establishment of a corporate enterprise engaged in the business of related products, in key fields such as integrated circuits and artificial intelligence.

After the policy was announced, Lin-gang immediately started preparatory work related to the identification of income tax incentives.

In order to enable enterprises to declare anytime and anywhere, Lin-gang innovatively developed an online declarations system to realize one-stop acceptances, said Zhang Tong, director of the division of high-tech industry and innovation at the Lin-gang Special Area Administration.

Zhang also said that departments also regularized applications acceptances throughout the year and organize reviews and reports in stages, so that all qualified businesses in the area could enjoy the policy dividend.

It is widely known that the Lin-gang Special Area has always aimed to attract and help develop innovative enterprises – accelerating the introduction, cultivation and support of high-level innovation platforms.

As of Aug 8, Lin-gang had completed 628 special project declarations in the high-tech industry and science and technology innovation industry. These included project approvals – as well as mid-term, acceptances, adjustments and other applications.

More than 500 enterprises in the area have been since the establishment of Lin-gang supported by government funding, totaling nearly 4.5 billion yuan ($690 million).