The State Council issued a Notice (Guo Fa [2007] No. 40) on 26 December 2007 introducing interim tax incentives for new high-tech enterprises located in the economic zones and in the Shanghai Pudong New Area. The economic zones referred to in the Notice are the Shenzhen, Zhouhai, Shantou, Xiamen, and Hainan economic zones. The Notice, which applies from 1 January 2008, is summarized as follows: -   new high-tech enterprises which qualify for the tax incentives are defined as those which (i) own the core proprietary intellectual property rights, (ii) meet the requirements stated in Art. 93 of the "Implementation...