The Dream Factory of China

Source :Shenzhen Daily

Shenzhen Customs and the Shenzhen taxation authority unveiled a series of measures to support the development of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone at a conference held in Qianhai on Dec. 7.

Tu Lin, deputy chief of Shenzhen Customs, introduced to the audience the measures customs has launched to promote the quality development of Qianhai’s foreign trade.

In August, customs promoted the official Phase II operation of Qianhai Comprehensive Bonded Zone, which expands the space twice its size and efficiently addresses insufficient warehouse capacity issues.

The Greater Bay Area Combo Port’s network has been optimized and extended. So far, 10 shipping routes have been opened and the number of import and export containers exceeded 10,000 TEUs (twenty-foot equivalent units) in November. In addition, customs launched the “bonded repairing + logistics distribution” model in Qianhai and Pingshan to achieve mutual complementarity and coordinated development of the two bonded zones. Among the customs authority’s 64 innovative measures to facilitate free trade that were rolled out in the last nine years, 31 have been duplicated and promoted by provincial and national authorities.

Tu said in the future, customs will pilot RCEP (Regional Comprehensive Economic Partnership) measures in the Qianhai Comprehensive Bonded Zone and build a batch of major projects, including a big data platform for cross-border trade, an intellectual property protection exhibition center, as well as a technology compliance research and application center in Qianhai.

Li Wei, vice director of the city’s tax administration, unveiled 10 efforts that the tax authority plans to make to help improve Qianhai’s business environment.

The tax authority will specifically implement an advance tax ruling regime for large-scale enterprises and companies with good tax payment records in Qianhai. It will also roll out more innovative tax policies supporting Qianhai’s development and the Guangdong-Hong Kong-Macao Greater Bay Area, pilot handling national tax matters in Qianhai, establish a taxpayers’ interest protection system, deepen tax cooperation between Guangdong, Hong Kong and Macao through launching the online tax service website’s international version, loosen practice restrictions on Hong Kong and Macao tax professionals in Qianhai, establish a precise cross-border tax supervision mechanism, among others.

According to the 2020-2021 Qianhai Business Environment Blue Book released by Deloitte China, Qianhai takes a leading position across the country in terms of seven business environment assessment indicators, including property registration, credit and loan procurement, tax payment, cross-border trade, tendering and bidding, government services, and Shenzhen-Hong Kong cooperation. The book also states that Qianhai’s business environment is close to world-class level.