Income tax exemption
Source: Xinhua |
December 25, 2011, Sunday
|
Print Edition
Print Edition
NEW businesses were exempted from income tax yesterday in Xinjiang Uyghur Autonomous Region in an effort to attract more investment to border cities Kashgar and Horgos.
The new businesses are exempt from the enterprise income tax for five years, the regional taxation bureau said in a statement, citing a notice from the Ministry of Finance and State Administration of Taxation.
The tax-free period lasts from 2010 to 2020, according to the statement.
Companies that have paid the tax over the past two years can get reimbursed, it added.
The State Council, China's Cabinet, announced in October a plan to set up economic zones in Kashgar and Horgos. The move is expected to bring prosperity to the relatively poor Xinjiang and shift the country's opening-up strategy to a more balanced approach.
Kashgar, an ancient Silk Road town that borders Pakistan, will become a regional logistics center, a financial and trading hub, and a key processing center for internationally traded goods. Horgos, a China-Kazakhstan border town, will focus on chemicals, farm products, machinery, pharmaceuticals, and renewable energy, according to the plan.
The central government has drawn up 10 policies to help establish the two economic zones, including subsidized electricity and low-interest loans.
The new businesses are exempt from the enterprise income tax for five years, the regional taxation bureau said in a statement, citing a notice from the Ministry of Finance and State Administration of Taxation.
The tax-free period lasts from 2010 to 2020, according to the statement.
Companies that have paid the tax over the past two years can get reimbursed, it added.
The State Council, China's Cabinet, announced in October a plan to set up economic zones in Kashgar and Horgos. The move is expected to bring prosperity to the relatively poor Xinjiang and shift the country's opening-up strategy to a more balanced approach.
Kashgar, an ancient Silk Road town that borders Pakistan, will become a regional logistics center, a financial and trading hub, and a key processing center for internationally traded goods. Horgos, a China-Kazakhstan border town, will focus on chemicals, farm products, machinery, pharmaceuticals, and renewable energy, according to the plan.
The central government has drawn up 10 policies to help establish the two economic zones, including subsidized electricity and low-interest loans.
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