Preferential treatments for investors
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Local government officials and business representatives attend the inauguration ceremony of a new road in Panjin Shipbuilding Industrial Base. |
To encourage domestic and foreign investors to launch investment projects in the Coastal Economic Corridor, the Liaoning provincial government has mapped out a series of preferential policies.
According to a document released by the provincial government, the preferential policies cover areas ranging from taxes and administrative charges exemption, financial support, streamlined administrative approval procedures, improvement of services to incentives in investment promotion.
The following are some of the preferential treatments that investor can enjoy.
For enterprises launching investment projects in the five key development areas, the provincial financial department will return them 70 percent of value-added tax, business tax, enterprise income tax and real estate tax they paid. And the tax rebate should be mainly used in infrastructure construction.
The hi-tech enterprises launched in the five areas will pay their enterprise income tax at a preferential rate of 15 percent. And the domestic-invested hi-tech enterprises in the five areas will also be exempted from enterprise income tax for the first two years after making profits.
All the enterprises in the five key development areas are exempted from administrative charges.
The Liaoning Credit Guarantee Center for Small and Medium-Sized Enterprises (SMEs) will give guarantee service for the SMEs established in the region.
The Liaoning provincial financial department will offer financial assistance for enterprises in terms of quality system accreditation and product promotion in international markets.
The local governments will cooperate with such financial organizations as the China Development Bank to offer financial service for the enterprises in the region.
The provincial financial department will establish a special fund worth 300 million yuan to offer interest subsidy for key development projects when they apply for loans.
The provincial government will invest 20 million yuan per year for investment promotion.
The local governments will offer better services to investors by providing one-stop services and streamlining administrative approval procedures.
(China Daily 03/05/2008 page26)
