Hainan issues opinions on tax policy

Hainan will strive to make good use of the preferential tax policies of the Hainan Free Trade Port, according to a new document released by the General Office of the People's Government of Hainan Province on Tuesday.

The document of implementation opinions was released to further promote the implementation of Hainan's bailout policy for enterprises, reduce institutional transaction costs, boost the confidence of market entities and help them develop and accelerate the construction of a legalized, internationalized, and convenient business environment.

In the opinions, it was noted the province should try out its "zero tariff" and "low tax rate" policies on a larger scale and promote the "simplified tax system", make solid preparation work for island-wide customs clearance and ensure its smooth operations as scheduled by 2025.

The opinions specify the government will support enterprises to make good use of the two "15 percent" tax incentives in accordance with laws and regulations. The policy states encouraged industries and enterprises can enjoy the policy of being taxed at a reduced corporate income tax rate of 15 percent, and for high-end talents and talents in short supply working at Hainan FTP, the portion of their actual tax burden exceeding 15 percent will be exempted.