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China Planning Additional Free Trade Zones

by Mary Swire, Tax-News.com, Hong Kong

30 October 2014


Chinese President Xi Jinping has said that, after more than a year since Shanghai's pilot free trade zone (FTZ) was first launched, its example should now be copied in more provinces as soon as possible.

About 12,000 businesses have been set up in the Shanghai FTZ since its launch, and foreign trade therein reached RMB747.5bn (USD122.3bn) in its first year of operation.

The Shanghai FTZ has concentrated on financial services and investment, commodities trading, and logistics. It offers additional tax incentives for investment and trade, with zero customs duties and import taxes.

New tax administration services introduced in the FTZ include the automatic online allocation of tax registration numbers and an expanded use of electronic invoices by e-commerce enterprises. There is also an online registration service for existing tax incentives and for the filing of tax reports on a quarterly basis.

In addition, wholly foreign-owned international ship management companies have been attracted to Shanghai, with a tax exemption on business income arising from international shipping, transportation, warehousing and shipping insurance, for companies registered in the FTZ port areas.

TAGS: compliance | tax | business | marine | tax compliance | tax incentives | commerce | financial services | capital markets | insurance | China | e-commerce | tax breaks | import duty | trade | free trade zone | services

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