Official Launch of Preferential Tax Policies for m88 casino bonus code Hainan Free Trade Port

Preferential Corporate Income Tax Treatment

Notice on Corporate Income Tax Preferential Policies for Hainan Free Trade Port (Cai Shui [2020] No. 31), effective from 1 January 2020 to 31 December 2024

Preferential Individual Income Tax Treatment

Notice on Individual Income Tax Policies for High-end Professionals in Shortage at m88 casino bonus code Hainan Free Trade Port (Cai Shui [2020] No. 32), effective from 1 January 2020 to 31 December 2024

Duty-free Shopping Policies

Announcement on Duty-free Shopping Policies for Tourists Leaving Hainan Island (Ministry of Finance, General Administration of Customs and State Administration of Taxation Announcement [2020] No. 33), effective from July 1 2020

Enterprises in Encouraged industries that are registered and carry out substantial operations within m88 casino bonus code Hainan Free Trade Port

Corporate income tax rate at 15%

For m88 casino bonus code enterprises in m88 casino bonus code encouraged industries:

An enterprises’ main business falls within m88 casino bonus code scope of m88 casino bonus code encouraged industries prescribed in m88 casino bonus code Catalogue of Encouraged Industries in m88 casino bonus code Hainan Free Trade and m88 casino bonus code revenue from m88 casino bonus codeir main operation revenue accounts for more than 60% of m88 casino bonus codeir total revenue.

Substantial Operations:

This means that m88 casino bonus code actual management organisation of m88 casino bonus code enterprise is established at m88 casino bonus code Hainan Free Trade Port, and implements substantive and comprehensive management and control over m88 casino bonus code enterprise's manufacturing and business operations, staff, accounts, properties etc.

Catalogue of Encouraged Industries in m88 casino bonus code Hainan Free Trade Port

m88 casino bonus code aforesaid Catalogue includes m88 casino bonus code Guiding Catalogue for Industrial Structure Adjustments (2019 Version), m88 casino bonus code Catalogue of Encouraged Foreign-invested Industries (2019 Version) and m88 casino bonus code Catalogue of Encouraged Industries Newly Added in m88 casino bonus code Hainan Free Trade Port. [1][2]

Head Office/Branches:

For qualified enterprises whose head offices are set up in m88 casino bonus code Hainan Free Trade Port, only m88 casino bonus code income of m88 casino bonus codeir head offices and branches set up in m88 casino bonus code Hainan Free Trade Port will be subject to m88 casino bonus code 15% tax rate; for enterprises whose head offices are set up in areas om88 casino bonus coder than m88 casino bonus code Hainan Free Trade Port, only m88 casino bonus code income of m88 casino bonus codeir qualified branches set up in m88 casino bonus code Hainan Free Trade Port will be subject to m88 casino bonus code 15% tax rate.

Tourism, modern service industries and high-tech enterprises established within m88 casino bonus code Hainan Free Trade Port

Income derived from new overseas direct investments shall be exempt from corporate income tax.

m88 casino bonus code newly increased overseas direct investment incomes:

m88 casino bonus code following conditions shall be met: 1. m88 casino bonus code business profits obtained from a newly established overseas branch or m88 casino bonus code dividend income corresponding to m88 casino bonus code newly increased overseas direct investment obtained from an overseas subsidiary in which more than 20% (inclusive) of m88 casino bonus code equity is held; and 2. m88 casino bonus code statutory corporate income tax rate of m88 casino bonus code invested country (region) shall not be less than 5%.

Tourism, modern service industries, high-tech industries:

m88 casino bonus code Catalogue of Encouraged Industries in Hainan Free Trade Port applies.

Enterprises established within m88 casino bonus code Hainan Free Trade Port

m88 casino bonus code newly purchased fixed assets or intangible assets are allowed to be included in m88 casino bonus code costs and expenses of m88 casino bonus code current period as a one-off deduction and be deducted in m88 casino bonus code calculation of m88 casino bonus code taxable income, or m88 casino bonus code period of depreciation or amortization may be shortened or m88 casino bonus code method of accelerated depreciation or amortization may be adopted.

Unit value of not more than CNY5 million (inclusive):

A one-off deduction in m88 casino bonus code computation of m88 casino bonus code taxable income amount shall be allowed.

Unit value exceeds CNY5 million:

A method of shortening m88 casino bonus code depreciation or amortization period or accelerating depreciation or amortization may be adopted.

Fixed Assets:

This refers to fixed assets om88 casino bonus coder than houses and buildings.

High-end professionals and professionals in short supply working within m88 casino bonus code Hainan Free Trade Port

m88 casino bonus code part of m88 casino bonus code actual individual income tax burdens in excess of 15% shall be exempt.

Applicable Income:

Comprehensive income (including wages and salaries, remuneration for personal services, author's remuneration, and royalties), operating income, and talent subsidy income recognized by Hainan Province;

Filing procedures:

Taxpayers shall enjoy m88 casino bonus code aforesaid preferential policies by performing annual individual income tax filing in Hainan Province.

Applicable Personnel:

A list of high-end professional and talented individuals in short supply who enjoy m88 casino bonus code aforesaid preferential policies shall be adopted for administration. m88 casino bonus code detailed administrative measures shall be formulated by Hainan Province in consultation with MOF and SAT.

Passengers departing by plane, train and ship (excluding those departing from mainland China)

Leaving-island Duty-free (exemption of duties, import VAT and consumption tax) shall apply to commodities of limited value, limited quantity and limited varieties purchased.

Qualified Passengers:

Domestic and foreign tourists, including residents of Hainan Province, who are 16 years or older and have purchased air tickets, train or ship tickets to leave Hainan, and hold valid identity certificates (identity certificates for domestic tourists, travel certificates for tourists from Hong Kong, Macao and Taiwan, and passports for foreign tourists), leave Hainan but do not leave mainland China.

Amount of Duty-free Shopping:

RMB 100,000, for an unlimited number of times.

Duty-free Shops:

Duty-free shops which qualify to implement leaving-island duty-free policies and operate on m88 casino bonus code basis of franchising. As of this announcement, this includes Haikou Meilan Airport Duty Free Shop, Haikou Sun Moon Square Duty-Free Shop, Qionghai Boao Duty Free Shop and Sanya Haitang Bay Duty Free Shop.

Restrictions on Commodities and Purchase Quantities:

m88 casino bonus code types of duty-free commodities and m88 casino bonus code restrictions on m88 casino bonus code quantity of each purchase shall be subject to m88 casino bonus code Appendix of m88 casino bonus code circular[1]. Any amount exceeding m88 casino bonus code duty-free quota and limit shall be levied import duties in accordance with m88 casino bonus code regulations.

Penalty:

Individuals who violate m88 casino bonus code provisions of this announcement in reselling, purchasing on behalf of anom88 casino bonus coder or smuggling duty-free goods shall be included in m88 casino bonus code creditworthiness records pursuant to m88 casino bonus code laws and regulations, and shall not be able to purchase duty-free goods on departure for three years; persons whose act constitutes smuggling or a violation of Customs regulatory provisions shall be dealt with by m88 casino bonus code customs pursuant to m88 casino bonus code relevant provisions; where a case constitutes a criminal offence, criminal liability shall be pursued in accordance with m88 casino bonus code law.

m88 casino bonus code industrial comprehensive rectification shall be carried out on travel agencies and transportation enterprises that assist in violating departure duty-free policies and disturbing m88 casino bonus code market order.

Departure duty-free shops which sell duty-free commodities in violation of m88 casino bonus code relevant provisions shall be punished by m88 casino bonus code customs in accordance with m88 casino bonus code relevant laws and administrative regulations.