Approval for the 15% preferential Corporate Income Tax rate for Qianhai, Hengqin and Pingtan new areas
Approval for the 15% preferential Corporate Incom...
China Tax Alert - Issue 11, May 2014
The MOF and SAT jointly released Circular 26 on 25 March 2014 which officially states the policy for qualified companies in three new areas – Hengqin New Area (“Zhuhai Hengqin”) , Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (“Shenzhen Qianhai”) and Pingtan Comprehensive Experimental Zone (“Fujian Pingtan”) – to enjoy a reduced Corporate Income Tax (CIT) rate of 15 percent. The publication of Circular 26 also finally clarifies the uncertainties surrounding the CIT incentive policy. This is a welcome development for companies contemplating investing and settling in Zhuhai Hengqin, Shenzhen Qianhai and Fujian Pingtan, as the CIT policy is the major attraction for these three new areas.
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