China's Ministry of Finance and State Administration of Taxation have issued Notice No. 31/2020 and Notice No. 32/2020, which introduce new incentives for enterprises and individuals, respectively, in the Hainan Free Trade Port (HFTP). For enterprises, the incentives include:
- A reduced corporate tax rate of 15% for enterprises registered in the HFTP that are operating in encouraged industries, provided that more than 60% of the total income of the enterprise is derived from encouraged acti…