According to the Hainan Free Trade Port overall plan, there will be low tax rates for certain enterprises. Imported products are entitled to a tax exemption policy. Tourism enterprises are entitled to a reduced corporate income tax rate of 15 per cent; Modern service and high-tech industries enjoy tax exemption for income from newly increased Overseas Direct Investment before 2025; Capital expenditures are allowed to be fully deducted from taxable income or depreciated and amortized at an accelerated speed; highly-demanded talents enjoy an personal income tax of 15 per cent
Be fully authorized by law - accelerate the formulation of the Hainan FTP Law; policies and measures adjustment will be authorized by NPC and its Standing Committee or the State Council.
Key priorities before 2035 - most-simplified tax system
Free Flows - Free and Convenient Flow of Trade, Investment, Cross-Border Capital, People and Transportation; Secure and Orderly Data Transfers.
Low Tax Rates - enterprises with practical operational record are entitled to a 15 per cent corporate income tax; personal income tax is levied at progressive tax rates of 3 per cent,10 per cent and 15 per cent
Opportunities for key industries:
Tourism Industry - International Tourism and Consumption Center; Deep integration between tourism and culture, sport, health care and aged care; Boao Lecheng International Medical Tourism Pilot Zone; cultural and tourism industrial parks; Sanya Cruise Home Port; reform, development and innovation pilot zone for the yacht industry.
Modern Service Industry - Encourage Multinationals to Set up Regional Headquarters; Build the international shipping hub; develop the shipping service value chain, and promote bonded warehousing, international logistics distribution, entrepot trade, trade of bulk commodities, exhibition and sale of imported goods, distribution processing and equipment dismantling; build Hainan into an international design island and an innovation-driven island for international education specialized in science, engineering, agriculture and medical sience; International Exhibition and Convention Center; build up to marine service system with global competitiveness; set up national base for international trade.
New and High-Tech Industry - Give Priorities to the Development of Internet of Things, Artificial Intelligence, Block chain and Digital Trade; Cultivate Deep Sea and Deep Space Industries; Boost the development of Advanced Manufacturing Industries Such as Ecological and Environmental Protection, Bio-pharmaceuticals, New Energy Vehicles and Smart Vehicles; Build the National Nanfan Scientific Research Seed Breeding Base into the Global Center for Tropical Agriculture and Global Introduction and Transfer Base for Animal and Plant Germplasm Resources Build Smart Hainan.
Duty free consumer goods:
Preferential Policies & Advantages - International Tourism Consumption Center; China’s Only Province to Adopt Duty-free Shopping Policy; Quota Raised to RMB100,000 per person/ per year; Expand Categories of Duty-Free Goods; By2025 when the island Becomes an Independ customs Territory, Zero-Tariffs will be Implemented; goods Exempt from Import Duties, Import VAT and Consumption Tax.
Business Opportunities - Global Center for Fashion Information; world-famous brands; independent designer brands; world-famous top-end retail and deportment stores; global fashion marketing agencies and institutions.
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