File phot of vessels anchored at Xingang Port in Haikou, capital of south China's Hainan province. - Xinhua
BEIJING (Xinhua): Lowering taxes and raising duty-free quotas, China has taken concrete steps in line with a master plan released on June 1 to build the southern island province of Hainan into a high-level free trade port, showcasing the country's commitment towards both post-pandemic recovery and long-term economic growth.
In the latest of these moves, the Ministry of Finance and the State Taxation Administration lowered the income tax rate to 15 per cent for eligible companies registered in Hainan, and exempted income tax on proceeds of new, outbound direct investment for companies in tourism, modern services, and tech-intensive sectors.
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