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Tax Exemption Policies

(1)(Personal tax exemption policyAccording to the Individual Income Tax Law of the People’s Republic of China and the Regulations on the Implementation of the Individual Income Tax Law of the People's Republic of China, donation by a taxpayer not exceeding 30% of the taxable income of which a taxpayer has filed in the tax return may be deducted from the taxable amount.

(2)Enterprise tax exemption policy According to Article 9, Chapter 2 of the Enterprise Income Tax Law of the People’s Republic of China, which was approved at the 5th session of the 10th National People’s Congress on March 16, 2007, and comes in effect as of January 1, 2008, “with regard to an enterprise's disbursements for public welfare donations, the portion that accounts for 12% of the total annual profits or less is allowed to be deducted.”

(3) On January 25, 2019, Jiangsu Provincial Tax Service, State Taxation Administration and Jiangsu Provincial Civil Affairs Bureau announced the qualification list of pre-tax deduction for public welfare social group donations in 2018 (SCS [2019] No.12), among which Nantong University Education Development Foundation was listed.