Core Viewpoint - The article discusses the corporate income tax reduction and exemption policies for agricultural, forestry, animal husbandry, and fishery projects in China, highlighting the eligibility criteria and specific projects that qualify for these tax benefits. Group 1: Tax Exemption Eligibility - Not all agricultural, forestry, animal husbandry, and fishery project incomes are eligible for corporate income tax exemptions. Specific projects that are exempt include the cultivation of vegetables, grains, tubers, oilseeds, legumes, cotton, hemp, sugar crops, fruits, nuts, new crop variety breeding, medicinal herb cultivation, forestry, livestock and poultry breeding, collection of forest products, and offshore fishing [3][4]. - Income from certain projects, such as the cultivation of flowers, tea, and other beverage and spice crops, as well as marine and inland aquaculture, is subject to a 50% reduction in corporate income tax [3]. Group 2: Company and Farmer Operating Model - Companies operating under a "company + farmer" model can enjoy corporate income tax benefits. In this model, companies contract with farmers for livestock and poultry breeding, providing necessary resources while retaining ownership rights [6][7]. Group 3: Specific Project Definitions - The income from breeding new crop varieties includes profits from breeding materials and the production, initial processing, and sale of seeds and seedlings [7]. - Income from forestry activities encompasses profits from tree and bamboo breeding, nurturing, management, and large-scale afforestation [7]. - Income generated from livestock and poultry waste can also qualify for tax benefits under the livestock and poultry breeding category [8]. Group 4: Initial Processing of Agricultural Products - The scope of initial processing of agricultural products is defined by specific regulations, and companies that purchase agricultural products for replanting or breeding can qualify for tax benefits if they do not significantly increase the product's value through processing [8][9]. - Direct sales of purchased agricultural products do not qualify for tax benefits [8]. Group 5: Accounting and Reporting Requirements - Companies engaged in different projects subject to various corporate income tax policies must maintain separate accounting records for each project to calculate tax bases and benefits accurately [9]. - Companies can apply for tax benefits through self-assessment and must retain relevant documentation for review [9].