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Qianhai is designed to be a modern service industries cooperation zone between Shenzhen and Hong Kong.Director of Qianhai’s operations and development department said that overseas specialists working in the Qianhai zone will only need to pay personal income tax at rates levied in Hong Kong.
He was speaking three months after lawmakers approved a preferential tax system to lure professionals to the 15-km coastal area in Nanshan District.Hong Kong and overseas professionals working in Shenzhen’s Qianhai special development zone will have to pay income tax only at Hong Kong rates, a zone administration spokesman said .
Explaining the rationale for the decision, Wang said it was not fair to Hong Kong residents [in Qianhai] if they are taxed at the mainland level. More tax breaks would be rolled out to absorb Hong Kong investment, he said.They plan to cut sales tax from the present 5 percent to 3 percent, equal to the rate in the Shenzhen Special Economic Zone when it was set up more than 30 years ago.
Personal income tax rates can reach 45 percent on the mainland but the maximum rate is 15 percent in Hong Kong — one of the lowest in the world.Corporate income tax for overseas companies will also be set at 15 percent in Qianhai, compared with 25 percent elsewhere on the mainland. Meanwhile, the Qianhai administration said last week its employees would be paid salaries higher than the average level of city public servants, but did not provide details.
As the information above , we know that Qianhai will offer the lower income tax .Administration officials will have to report their annual income to the city government during the first quarter of the following year to increase transparency.
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