Shenzhen to cut taxes for talents

Overseas high-end science and technology talents working in Shenzhen will be able to enjoy favorable personal income tax deductions from the municipal government, the Nanfang Daily reported, citing Vice Mayor Wang Lixin.

Under the preferential policy, the individual incomes of overseas high-level science and technology talents will be taxed at 15% instead of the city’s usual 30%.

Shenzhen will also invest more than RMB4 billion in basic scientific research this year, which is over one-third of the municipal government’s fiscal expenditure on scientific R&D, according to Wang, who made the remarks at the 2019 Future Summit held in Shenzhen over the weekend.

Shenzhen faces a high-end talent shortage, which is holding back its innovative capabilities and resulting in a lack of major innovation platforms, Wang said. Artificial intelligence is an area that could create core technologies and solutions for industrial applications if Shenzhen had more talents working in the field.

At last count, there were 41 full-time academicians working in Shenzhen, while the total number of high-level talents was 12,611, lagging behind cities such as Beijing and Shanghai.

Read more (in Chinese).