Circular on the Personal Income Tax Policy for High-end and Urgently-needed Talents of Hainan Free Trade Port

Cai Shui [2020] No. 32

[attachment=0]Circular on the Personal Income Tax Policy for High-end and Urgently-needed Talents of Hainan Free Trade Port.png[/attachment]

The Department of Finance of Hainan Province and the Hainan Provincial Tax Service of State Taxation Administration,

To support the development of Hainan Free Trade Port, relevant preferential personal income tax policy is hereby notified as follows:

I. High-end and urgently-needed talents working in Hainan Free Trade Port are entitled to the personal income tax rate of 15%.

II. Income entitled to the above preferential policy includes comprehensive income earned in Hainan Free Trade Port (including salaries or wages, remuneration for providing services, and royalties), business income, and talent subsidies recognized by Hainan Province.

III. The above preferential policy shall apply when taxpayers handle the annual settlement and payment of their personal income tax in Hainan Province.

IV. The list management shall be adopted for high-end and urgently-needed talents who enjoy the above preferential policy. Specific administrative measures will be formulated by Hainan Province in consultation with the Ministry of Finance and the State

Taxation Administration.

V. The circular shall be implemented from January 1, 2020 to December 31, 2024.

Ministry of Finance

State Taxation Administration

June 23, 2020

Translated by the Foreign Affairs Office of Haikou Municipal Government