Announcement of the Ministry of Finance and the State Administration of Taxation on Corporate Income Tax Policies for Deduction of Equipment and Appliances

This announcement extends the policy allowing enterprises to fully deduct the cost of newly purchased equipment and appliances valued at no more than 5 million yuan in the year of acquisition, applicable from January 1, 2024 to December 31, 2027. It also clarifies that items exceeding this threshold remain subject to existing depreciation rules.