Guangzhou rolls out favorable tax measures

The Guangzhou Taxation Bureau launched 12 measures to optimize the business environment on March 13. They include simplified processes, upgraded services and innovative platforms,and will bring more convenience to taxpayers in the Guangdong-Hong Kong-Macao Greater Bay Area.

The 12 new measures are mainly applied to Hong Kong and Macao enterprises, as well as residents and investors in projects involving the Belt and Road Initiative.

The enterprises only need to provide the tax authorities with the name of the overseas company and the registered place without having to fill out any forms.

The time limit for the identification verification of entrepreneurs is reduced from 10 working days to 5 working days. Enterprises can enjoy the tax preferences immediately on application.

In a word, the newly-released measures reduce the taxpayer's on-site waiting time and improve work efficiency.At present, Hong Kong and Macao have set up nearly 25,000 foreign direct investment projects in Guangzhou.

For Hong Kong and Macao residents, the new measures focus on personal income tax.For example, Hong Kong and Macao residents used to use their mainland travel permits or passport to handle tax-related matters in the Tax Service Office. Now, with the upgraded e-tax platform functions, they can be directly registered and enjoy the same convenience as mainland residents.

Chen Jianrong, vice president of the Guangzhou Foreign Investment Enterprise Association, said, "There are many Hong Kong and Macao employees in the association. Now they can easily deal with tax matters through the APP. It is more convenient and time-saving."

At the same time other new measures are also being launched to benefit going-global enterprises including taxation counseling, risk management and equity maintenance.