Tax Exemption

According to article 9 of Enterprise Income Tax Law of the People's Republic of China, in relation to the expenses from charitable donations incurred by enterprises, the portion within 12% of the total annual profit may be deducted from the taxable income; the portion exceeding 12% of the annual profit can be deducted from the taxable income over the following three years.

According to article 6 of Individual Income Tax Law of the People's Republic of China, for charitable donations toward public interest, the portion within 30% of the taxable income can be deducted before tax when computing individual income tax.

According to article 80 of the Charity Law of the People's Republic of China, natural persons, legal persons and other organizations that donate property for charity activities are eligible for tax benefits. Charitable donations by corporations exceeding the amount deductible from income tax for the same year can be deducted from taxable income over the following three years.

According to the "Supplementary Notice of the Ministry of Finance, the State Administration of Taxation and the Ministry of Civil Affair of PRC on Issues Concerning the Pre-tax Deduction of Public Welfare Donations " (No. 160 [2008] of The Ministry of Finance and Taxation), the Education Foundation of the University of Nottingham Ningbo is a public welfare social organization that enjoys the pre-tax deduction qualification of public welfare donations.

According to "Announcement of Zhejiang Ministry of Finance, State Administration of Taxation, Zhejiang Taxation Bureau, Zhejiang Civil Affairs Bureau on social organizations with public welfare donation pre-tax deduction qualification in 2018" (No. 3 [2018]), the Education Foundation of the University of Nottingham Ningbo China was listed, serial number 175.

According to "Announcement of Zhejiang Ministry of Finance, State Administration of Taxation, Zhejiang Taxation Bureau, Zhejiang Civil Affairs Bureau on social organizations with public welfare donation pre-tax deduction qualification in 2019" (No. 11 [2019]), the Education Foundation of the University of Nottingham Ningbo China was listed, serial number 218.

According to "Announcement of Zhejiang Ministry of Finance, State Administration of Taxation, Zhejiang Taxation Bureau, Zhejiang Civil Affairs Bureau on social organizations with public welfare donation pre-tax deduction qualification in 2020" (No. 8 [2020]), the Education Foundation of the University of Nottingham Ningbo China was listed, serial number 262.