China's Ministry of Finance, State Taxation Administration, National Development and Reform Commission, and Ministry of Industry and Information Technology have jointly issued Announcement No. 23 of 2026, which introduces a corporate income tax deferral benefit for integrated circuit enterprises and industrial machine tool enterprises. If such enterprises engage in the exchange of non-monetary assets (e.g., trading equipment for materials rather than using cash) between 1 January 2026 and 31…
