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The State Council of China recently issued a general plan for the new port-vicinity zone of the Shanghai Free Trade Pilot Area, expressing that it will implement a tax system and policy with international competitiveness, explore tax policy arrangements for the pilot free trade account without causing erosion of the tax base and profit transfer, and set up relevant enterprises that meet the requirements by themselves. Enterprise income tax shall be levied at a reduced rate of 15% within five years from the date of the tax.
The full text of the plan was published on Tuesday by the Chinese government's website, which said that we should vigorously enhance the ability of RMB cross-border financial services, expand the depth and breadth of RMB cross-border financial services, support the development of RMB cross-border trade financing and refinancing business, and encourage multinational companies to set up global or regional capital management centers.
"Enterprises in the new area that meet the requirements and engage in research and development in key areas such as integrated circuits, artificial intelligence, biomedicine, civil aviation and other key areas shall be taxed at a 15% tax rate within five years from the date of establishment." Program name.
At the same time, we should strengthen collaborative innovation and development with the Yangtze River Delta. We will support domestic and foreign investors to set up joint innovation funds in new areas, cooperate on major scientific research projects and allow related funds to be freely used in the Yangtze River Delta region.
According to the plan, the planning scope of Lingang New Area is to set up new areas in the south of Dazhi River, east of Jinhui Port, Xiaoyangshan Island and south of Pudong International Airport. In accordance with the principle of "overall planning and step-by-step implementation", Nanhui New Town, port-facing equipment industrial zone, Xiaoyangshan Island and the southern side of Pudong Airport were first launched, covering an area of 119.5 square kilometers.
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