China, People's Republic of
China released the Plan for the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin (Hengqin Plan) in September 2021. Hengqin plan sets out several development proposals from tax and non-tax perspectives for Guangdong -Macau Cooperation zone, including reduced CIT and IIT rates, zero tariff, etc., which are yet to be implemented.
China has extended the effective periods of several CIT incentives in different regions, for examples:
- The preferential CIT rate of 15% for qualified enterprises in Shenzhen Qianhai is effective till 2025;
- The preferential CIT rate of 15% for encouraged enterprises in West Regions is effective till 2030;
- 2+3 years tax holiday for qualified enterprises in the impoverished areas of Xinjiang is effective till 2030.