More enterprises in Qianhai to benefit from favorable tax policy

Source :Shenzhen Daily

Some 12,000 new enterprises that registered in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will benefit from the 15 percent corporate tax rate policy starting from next year, said the authority at a news conference in Qianhai on Thursday.

The favorable corporate tax policy in Qianhai was introduced in 2014 and will be extended from the end of this year through 2025, according to the Ministry of Finance and the State Taxation Administration.

Some of the policies have been updated and changed. Under the extended policy, the Qianhai-based enterprises with main business in modern logistics, information services, science and technology services, cultural and creative industries, and commercial services are entitled to the 15 percent tax rate on the condition that their main business income accounts for more than 60 percent of their gross revenue.

According to Cao Mingjun, corporate income tax division director of the Shenzhen Municipal Taxation Bureau, enterprises engaging in commercial services had previously been excluded from the favorable policy. In addition, the main business income of the qualified enterprises had previously been required to account for more than 70 percent of their gross revenue.

“The application threshold has been lowered, which will let more enterprises benefit from the favorable policy,” he said.

Lin Yingyong, finance director of the China Merchants Bonded Logistics Co. Ltd., said the company has saved about 30 million yuan (US4.63 million) in corporate income tax payments over the past six years.

“The continuation of the policy has strengthened our confidence in the company’s development in Qianhai,” Lin said.


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2021-07-12 11:05:40

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