The Chinese government said it has allowed Hainan to set up a new company to conduct duty-free business in the island province as part of a trial aimed at making it a tourist hub.
The Chinese government said Monday it has allowed Hainan to set up a company to conduct duty-free business on the island as part of a trial aimed at making the island province a tourist hub.
The tax reduction program for enterprises in western China will be extended for another ten years to further support the country's western development strategy, the MOF said on its on Thursday.
The offshore duty-free policy is not a common international practice. Only a very small number of countries and regions have implemented it.
For the purpose of regulating the offshore duty-free shopping supervision of Customs in Hainan province and promoting the development of Hainan provincial tourism industry, these provisional measures have been formulated under the authorization of the State Council.
Offshore visitors (including visitors residing on the island) are tentatively allowed to spend less than RMB 5,000 yuan ($770) during each duty-free shopping per person.
During the trial period, duty-free products cover the following categories: jewelry, crafts, watches, perfume, cosmetics, glasses (including sunglasses), silk towels...
The offshore duty-free policy applies to domestic and foreign visitors including residents of Hainan province, who are at least 18 years old, and boarding flights to leave Hainan Island but not China.
No more than one month after its opening, Hainan's duty-free shop, which opens to domestic tourists, has already attracted a dedicated crowd of shoppers, as well as a flurry of criticism directed at the shop's management.
Shanghai is looking into the possibility of launching a duty-free program in its Pudong New Area district.
The forthcoming Labor Day holiday and a duty-free policy that came into effect on April 20 have sent the cost of a holiday on the island province of Hainan soaring by 30 percent.
On April 20, Hainan in South China launched a duty free policy for travelers who leave the island for inland.
Consumers can buy luxury imported goods at good prices without embarking on overseas trips.
Starting April 20, mainland travelers will be able to buy duty-free goods in Hainan as long as they leave the island by air and return to the mainland, the Ministry of Finance announced on Thursday.
The offshore duty-free policy trial for South China's tropical island province of Hainan will be announced Thursday.
Two months after south China's tropical island province of Hainan inaugurated a tax refund program to woo foreign tourists, business at three designated shopping centers has not seen a big jump as expected.
Shanghai is planning to carry out a pilot tax refund and duty-free shopping plan for foreign shoppers. Officials hope to build Shanghai into a famous international tourism city, according to the Shanghai municipal tourism administration.
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