Over the weekend, visitors visit the first China International Consumer Products Expo (CICPE) in Haikou, capital of southern China’s Hainan Province. Photo: VCG

The Free Trade Port (FTP) of Hainan Province (South China) will revise its tax policies, including simplifying and combining different taxes and offering tax refunds for goods from the mainland of China. China, according to a Hainan Free Trade Port Bill being considered by the NPC Standing Committee for the third time on Monday.

When the FTP is fully constructed and operational, taxes and fees such as value added tax, vehicle purchase tax, urban maintenance and construction tax, and education surcharge will be combined. , and a sales tax will be levied on retail goods and services.

The bill deals with the terms of tax refunds for goods from the Chinese mainland. Value added tax and consumption tax will be reimbursed for these products in order to avoid tax disparities and ensure fair competition between products from the continent and those from foreign countries.

Simplifying the tax system is one of the key segments of building the FTP in Hainan, Zang Tiewei, spokesperson for the Legislative Affairs Commission of the Standing Committee of the National People’s Congress (NPC), said on Friday.

The project also included provisions for establishing policies and institutional systems for TVET through a series of measures, to achieve the free and convenient exchange of trade, investment, cross-border capital, personnel and transport. , as well as to obtain secure and orderly data. transmission.

It also improved regulations on ecological and environmental protection, including establishing an environmental access list, preventing invasion of alien species and achieving sustainable economic development.

Such measures will increase the openness of the FTP, Bai Ming, deputy director of the international market research institute of the Chinese Academy of International Trade and Economic Cooperation, a think tank reporting to the Global Times, told Monday. of the Ministry of Commerce.

The construction of the FTP in Hainan, China’s largest special economic zone, is a major step for the country to strengthen high-level openness and concrete action to support globalization and build a community of destiny for it. humanity.

A total of 11 key industrial parks are being developed into demonstration areas for the construction of the FTP, the Xinhua News Agency reported. In 2020, the 11 key parks recorded total revenues of 506.78 billion yuan ($ 79.36 billion), up 49.8% year-on-year, and total tax revenue of 39.54 billion yuan. yuan, up 13.3% year-on-year.