VR. Photo: iStock

Some eligible science and technology entities will be exempted from property tax and urban land use tax from next year, according to the Ministry of Finance, Xinhua news agency reported.

In order to encourage start-ups and innovation, the finance, taxation, technology and education ministries decided to remove the property and land use taxes for national and provincial tech start-up incubators, science parks in universities and start-up spaces on record.

As for incubation service providers who offer start-ups brokerage and consulting services or land-leasing, they will be exempted from the value-added tax of their service and rental income.

National tech business incubators and university science and technology parks recognized on Dec. 31, 2018, will enjoy the preferential tax policy from January 1, 2019 onward. Those recognized next year, will enjoy the policy from the following month.