Businesses supported to effectively exploit science-technology development fund

The Ho Chi Minh City Department of Science and Technology has issued Plan No.1481 about instruction and support for businesses to establish and use their science-technology development fund during their digital transformation process from 2021-2025.

Enterprises mentioned in Plan 1481 are those sited in HCMC and set up according to regulations in the Business Law. They are allowed to deduct no more than 10 percent of their revenues assessed for business income tax in this period to establish their science-technology development fund in order to carry out scientific-technological activities.

This fund is supposed to finance such activities as scientific-technological activities to serve the digital transformation process, training programs, the building and maintenance of quality control systems, information infrastructure construction.

Conducting scientific research activities to make new products or services as well as upgrading technologies for digital transformation of businesses will receive a finance support of up to 30 percent from the city budget for this matter.

The Technology and Technology Market Management Division under the HCMC Science and Technology Department is responsible for cooperating with related state agencies to implement the content of this Plan for a term of one year from 2021 to 2025.

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