State Council Notice Supporting Post-Earthquake Reconstruction in Yushu

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Jun. 7 – The State Council issued a notice on May 31 regarding the supporting measures on post-earthquake reconstruction in Yushu, Qinghai Province, aiming to basically complete the main task of reconstruction in three years.

The notice focuses on supporting policies relating to, “central government-based funding arrangements for post-earthquake relief and restoration,” “tax and financial policy,” “land policy,” “special education funding policy,” and “employment assistance and social insurance policy.”

The main reconstruction funding comes from the central government, as well as provincial, community and business donating funds. The government provided RMB9 billion in 2010, and will make relevant funding arrangements for 2011 and 2012 according to the reconstruction status.

Furthermore, the notice offers:

  • Corporate income tax exemptions during the reconstruction for enterprises which suffered severe earthquake damage
  • Reconstruction funds and materials, as well as additional income tax shall be exempted from enterprises income tax
  • Corporate income tax exemption for five years for rural credit cooperatives in the affected areas
  • Tax incentives for three years for enterprises and business units importing bulk materials and equipment used for reconstruction
  • Individual income tax exemptions for receiving donations from the government and the community

The central government will also provide education funding for students and remove the school yearly tuition from April 2010 to July 2011.

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