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Plan to ease tax to boost city's allure
By Wang Yanlin |
September 9, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI is considering easing the tax burden on companies to enhance the city's attractiveness as a global trading center, senior officials at the Shanghai Commission of Commerce said yesterday.
"Less corporate tax burden has been studied as we design measures to accelerate the transformation of Shanghai into a global trading center," Gu Jun, vice director of the commission, said at a press conference to unveil related guidelines for the 12th Five-Year Plan which runs from 2011 to 2015.
Gu did not elaborate on details.
Shanghai levies a corporate income tax rate of up to 30 percent for foreign-invested enterprises, higher than the nearly 17 percent in Hong Kong and Singapore.
The current taxation levels are a key obstacle to Shanghai's development as a viable location for international businesses to operate in, the European Union Chamber of Commerce in China said.
Shanghai expects a significant increase in trade, retail sales and the number of regional headquarters of multinational companies as it builds itself into a global trading center by 2015, according to the guidelines.
Shanghai's trade value may grow 8 percent annually in the next five years to US$540 billion by 2015, and trading in services may double and boost the total value. In 2010, the city's trade was worth US$368.8 billion.
Retail sales may exceed 1 trillion yuan (US$154.3 billion) in 2015, growing by an average of up to 15 percent annually. It will nearly double consumer retail spending of 603.6 billion yuan in 2010.
Shanghai also aims to attract another 100 multinationals to set up their regional headquarters in the city. There are now 305 regional headquarters of multinationals.
"Less corporate tax burden has been studied as we design measures to accelerate the transformation of Shanghai into a global trading center," Gu Jun, vice director of the commission, said at a press conference to unveil related guidelines for the 12th Five-Year Plan which runs from 2011 to 2015.
Gu did not elaborate on details.
Shanghai levies a corporate income tax rate of up to 30 percent for foreign-invested enterprises, higher than the nearly 17 percent in Hong Kong and Singapore.
The current taxation levels are a key obstacle to Shanghai's development as a viable location for international businesses to operate in, the European Union Chamber of Commerce in China said.
Shanghai expects a significant increase in trade, retail sales and the number of regional headquarters of multinational companies as it builds itself into a global trading center by 2015, according to the guidelines.
Shanghai's trade value may grow 8 percent annually in the next five years to US$540 billion by 2015, and trading in services may double and boost the total value. In 2010, the city's trade was worth US$368.8 billion.
Retail sales may exceed 1 trillion yuan (US$154.3 billion) in 2015, growing by an average of up to 15 percent annually. It will nearly double consumer retail spending of 603.6 billion yuan in 2010.
Shanghai also aims to attract another 100 multinationals to set up their regional headquarters in the city. There are now 305 regional headquarters of multinationals.
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