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Pingtan's preferential policies: taxation

( chinadaily.com.cn )

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Tax policies:

1. Added-value taxes are exempt for Pingtan-Taiwan shipping business as well as offshore service outsourcing business.

2. Business taxes are exempt on the income of insurance companies from international shipping insurance offered for local enterprises.

3. Enterprises with main businesses pertaining to the local industrial guidance catalogue and income from the main business accounting for at least 70 percent of their gross revenue will be given a 15 percent tax break on corporate taxes.

4. Taiwan people working in Pingtan are exempt from individual income tax.

5. Individuals can buy duty-free Taiwan products with a daily cap of 6,000 yuan at a local market dedicated to selling goods imported from Taiwan.

6. Goods related to manufacturing imported from overseas will go through record management at the No 1 customs checkpoint and enjoy tax breaks accordingly.

7. Pingtan’s customs authority is trying to levy selective tariffs on goods processed and manufactured in Pingtan and exported to inland areas. To paraphrase, an exporter can choose to pay the raw materials tax to customs if that is cheaper than the tax on finished products.

8. Goods imported to Pingtan from inland areas will get tax rebates.

9. Value-added taxes and consumption taxes are exempt when sales occur between local enterprises in Pingtan.

10. The local tax revenue in the next decade will all be kept by Pingtan.