12-28-2010 08:51 BJT
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Starting from next year, overseas tourists, as well as Chinese residents from Hong Kong, Macau and Taiwan, will be able to enjoy a preferential tax rebate policy. It will be on items purchased in Hainan Province, the resort Island in China's south.
The Ministry of Finance says eligible tourists are entitled to tax refunds, of 11 percent of the purchases in pilot shops upon departure. The policy is the first of its kind for individual consumers in China. Existing tax rebates are in favor of businesses.
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| Starting from next year, overseas tourists, as well as Chinese residents from Hong Kong, Macau and Taiwan, will be able to enjoy a preferential tax rebate policy. |
The move is a major step in boosting the Island's tourism. But domestic tourists won't enjoy the policy for the time being. Officials say conditions aren't right at present, and that they're still studying the feasibility.
Hainan to start tax rebate in 2011
According to the latest announcement made by China's Ministry of Finance this morning, visitors from foreign countries and Hong Kong and Macao regions will be able to get a tax rebate on items purchased in the province from January 1st, 2011. Full story >>
How will Hainan benefit from the new policy?
Tax policy to promote Hainan's retail market
China's Hainan island is increasingly becoming known as the "Hawaii of the Orient" for its beaches and sun. And now, there's one more advantage attracting foreign visitors -- duty-free shopping. Full story >>
When will domestic tourists enjoy the new policy?
Hainan is now in a similar market position as that of South Korea's Chejudo and Japan's Okinawa airports. It's possible that the government will learn the experience of Chejudo and Okinawa and enable domestic visitors to enjoy tax rebates in duty free shops. Full story >>
Other countries' experience in tax rebate
Tax rebate boosts local consumption
Purchase tax refunds are offered in dozens of countries and regions, to attract tourists and consumers. Although the detailed measures are different, these policies have indeed boosted local consumption.
The purchase tax rebate policy began in Sweden in early 1980s. It's since been adopted by more than 50 countries and regions including the major EU countries, Australia, Japan and Thailand. Full story >>
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