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BEIJING, April 25-- China will make further tax cuts worth over 60 billion yuan (about 9.5 billion U.S. dollars) to drive innovation and entrepreneurship and boost the development of small and micro businesses, a State Council executive meeting presided over by Premier Li Keqiang decided on Wednesday. The move aims to reduce the cost for innovation and entrepreneurship, energize small and micro businesses and spur job creation. As part of efforts to implement blueprints set out by the Central Economic Work Conference and the Government Work Report, the annual taxable income threshold of small and micro businesses eligible for halved income tax will be raised from 500,000 to 1 million yuan. The per unit value of newly-purchased research and development (R&D) instruments and equipment eligible for one-time tax deduction will be raised from 1 million to 5 million yuan. These two measures will be effective from Jan. 1, 2018 to Dec. 31, 2020, the meeting decided. In his Government Work Report delivered in March this year, Premier Li said that the government will further lighten the corporate tax burden. Far greater numbers of small low-profit businesses will see their income tax halved and the ceilings on deductible business purchases of instruments and equipment will be significantly raised. The pilot preferential tax policies for venture capital investment and angel investment will be extended nationwide, he said. | 
