10 highlights from the Shanghai FTZ new area plan

6. The new area will adopt tax systems and policies with international competitiveness. For enterprises in the new area that engage in research and development in key areas such as integrated circuits, artificial intelligence, biomedicine and civil aviation, their enterprise income tax will be levied at a reduced rate of 15 percent within five years from the date of establishment. Policies on the tax differential subsidy of individual income tax for overseas talents will be studied and implemented. In addition, on the premise of not causing tax base erosion and profit transfer, the tax policy arrangement of pilot free trade accounts will be explored.