Research and Development Projects of KINGSTONE in 2018 were Successfully Recognized
On June 10th, Zhengzhou Municipal Science and Technology Bureau, the Municipal Bureau of Finance, the State Administration of Taxation, and the Local Taxation Bureau organized relevant experts to jointly study the pre-tax deduction of income tax for the KINGSTONE research and development project in 2018.
The project accreditation committee members include experts such as Jin Qingguo, Ye Guotian, and Zhao Xinling. City leaders attending the meeting included Si Qingyu, Deputy Director of the Municipal Science and Technology Bureau, Dong Guimin, Minister of Political Affairs and Law, and Liu Dongqing, Deputy Director of the Finance Bureau. Zhang Houxing, Vice President of KINGSTONE Technology Center, Deputy Director Liu Guowei and some project managers attended the meeting.
After listening to the project manager's report and review of related information, the committee discussed and agreed to 10 projects announced by KINGSTONE, such as the development and application of light weight sprayed mixture for tundish, water-free and environmentally friendly mud and wear resistant plastics. Researched 7 projects, including 7 projects announced by KINGSTONE, such as the development and application of high oxygen steel smelting plugs with long service life, development and application of clear plugging core pulling mechanisms and screwing mechanisms, high-performance fired skateboard development applications, etc. Conforms to the "Notice of the State Administration of Taxation on the Tax Deduction Management System for Enterprise Research and Development Expenses" (Guo Shui Fa  No. 116), "Notification on the Research and Development Expenses of Enterprises in Henan Province" (Henan Province  No. 101) It belongs to the high-tech field government and mainly supports research and development projects.
The concentration of R&D project costs and the identification of R&D projects are crucial to reduce the tax burden on companies. Once confirmed as a research and development project, the research and development expenses incurred during the current year can be deducted when the taxable income is calculated. The finance department estimates that the research and development expenses will be deducted by nearly 4.5 million yuan.