Preferential Taxation Offered to Boost International Shipping in Greater Bay Area

The State Council decided at its executive meeting held on 9 October to implement preferential tax measures for international shipping services in certain parts of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) for a higher level of opening up. The following are some of the measures put forward:

• From 1 October 2020 to 31 December 2023, preferential taxation will be provided for international shipping insurance businesses in the Nansha Area (Free Trade Zone).

• From 1 October 2020, tax rebates will be applied to waterborne goods departing from 37 ports in nine cities in the Pearl River Delta, and exports from the Nansha and Qianhai bonded port areas. Tax rebates will be issued once the goods leave the ports to reduce pressure on the working capital of companies.

Source: State Council