Individual tax-free shopping quota in Hainan expected raise from 16,000 to 30,000 Yuan

Hainan’s annual tax-free shopping quota for travellers expected to rise to about 30,000 Yuan ($4,329.88) per person annually compared with a current figure of 16,000 Yuan.

Last week the local finance department received documents regarding support for Hainan to pursue further reform and opening-up.

The annual tax-free shopping quota for travellers is expected to be increased through efforts like opening more duty-free shops, a policy that it’s believed will lift consumption in the both the local market and also help the province become a global tourism and shopping centre.

According to local customs duty-free products sold in Hainan’s two tax-free shops (in Sanya and Haikou) reached about 48 million, equating to a total of 37.59 billion Yuan from April 20, 2011 to April 19, 2018.

Figures for the 2018 week-long National Day holidays show the two shops combined received about 160,300 visitors and generated 240 million Yuan in revenue, up 4.4 percent and 16.8 percent year-on-year, respectively.

It is hoped that higher duty-free shopping quotas will boost not just local consumption but also promote the return of foreign consumption in the province and drive Hainan's tax-free sales.