On June 30, 2020, the Ministry of Finance (MOF) and the State Taxation Administration (STA) released the Circular about Preferential Corporate Income Tax Policy for Hainan FTP and the Circular about Individual Income Tax Policy for High-End and Urgently Needed Talents at Hainan FTP. The two circulars contain preferential policies and incentive schemes that are applicable from January 1, 2020 to December 31, 2024.
According to the policies, enterprises registered in the Hainan Free Trade Port (FTP) will get a chance to enjoy the following three major corporate income tax (CIT) relaxations:
Also, the individual income tax (IIT) rate is capped at 15 percent for ‘high-end’ and ‘urgently needed’ talents working at the Hainan FTZ.
The tax system in Hainan FTP is attracting more and more enterprises. Should you set up or relocate your business in the Hainan FTP? How can your businsess be benifited from the preferential poicies? Welcome to contact us at email@example.com for customized advise.