China Provides Tax Deferral Benefit for Non-Monetary Asset Exchanges by Integrated Circuit and Industrial Machine Tool Enterprises

China's Ministry of Finance, State Taxation Administration, National Development and Reform Commission, and Ministry of Industry and Information Technology have jointly issued Announcement No. 23 of 2026, which introduces a corporate income tax deferral benefit for integrated circuit enterprises and industrial machine tool enterprises. If such enterprises engage in the exchange of non-monetary assets (e.g., trading equipment for materials rather than using cash) between 1 January 2026 and 31…