Departure Port Tax Rebate Policy Implemented in GBA

On 3 December, the Department of Finance and two other government departments of Guangdong province jointly announced new value-added tax (VAT) policies for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) (Yue Cai Shui No. 22 [2020]).

• Between 1 October 2020, and 31 December 2023, income obtained by Guangzhou-registered insurance companies for the provision of international shipping insurance to companies registered in the Nansha Area (of the Guangdong Pilot Free Trade Zone), is exempt from VAT.

• Starting from 1 October 2020, container goods that are declared for export by eligible export enterprises in any of the designated departure ports of the nine mainland GBA cities and then carried by eligible transport enterprises directly by water, after customs transmit, to the Guangzhou Nansha Bonded Port Area or Shenzhen Qianhai Bonded Port Area for departure from China are eligible to benefit from the departure port tax rebate policy.

Source: Department of Finance of Guangdong Province