Comprehensive Policies for Tianjin Port Bonded Area

	Comprehensive Policies for Tianjin Port Bonded Area (tjinvest.gov.cn) Updated: 2006-05-18 11:36 1. Overseas companies, enterprises, economical organizations and individuals can all invest in foreign merchants invested, Sino-foreign invested (cooperated) and domestically funded enterprises in Tianjin Port Bonded Area to engage in international trade, export process, tax-protection storehouse and other activities related to the development of Tianjin Port Bonded Area. 2. Large and medium-sized enterprises are encouraged to go beyond industry to engage in varied kinds of business, thus becoming composite enterprises that integrate processing, trade and commercial service as a whole. 3. Projects with overall investment dollars less than US$30,000,000 will be examined and approved by the Management Commission of Tianjin Port Bonded Area. The examination and approval as well as registration at the Industrial & Commercial department will be finished within 7 days after the arrival of the whole complete documents. 4. Building material, mechanical equipment and moderate amount of office consumables purchased from abroad by the enterprises in Tianjin Port Bonded Area for their own use are exempted tariff, import value-added tax and consumption tax; Goods going either from abroad to Tianjin Port Bonded Area or from Tianjin Port Bonded Area to abroad are exempted tariff, import value-added tax and consumption tax, and if import and export permit is concerned, the permit is exempted accordingly. 5. If the income tax paid by the enterprises in Tianjin Port Bonded Area engaged in real estate and its auxiliary service and functional facilities is subsidized financially, the actual income tax paid will enjoy the preferential treatment of "20% exemption and 20% deduction" since the day of approval. 6. The foreign merchants invested enterprises will temporarily exempted the local income tax. 7. Enterprises in Tianjin Port Bonded Area engaged in business of export can apply for export tax drawback according to the regulation. 8. New building newly built or purchased by foreign merchants invested enterprises in Tianjin Port Bonded Area will be exempted house property tax for 5 years since the month of completion or purchase. 9. The fixed asset of the investment enterprises in Tianjin Port Bonded Area, if for special reason, can apply for accelerated depreciation with the approval of the taxation departments according to regulations provided in the tax law. 10. Profits earned by foreign merchants invested enterprises, foreign staff's salaries, wages and legal income, if the tax thereof is paid, can be posted abroad. 11. If the enterprises have gained the right of land use according to "Land Management Regulation in Tianjin Port Bonded Area", they can transfer, hire out and mortgage it according to law, and their legal rights and interests will be protected by law. 12. If the Chinese personages in the enterprises in Tianjin Port Bonded Area go abroad for business for a short period or foreign guests are invited to participate in business activities, they can be examined and approved by the Management Commission. 13. Either domestically funded or foreign funded enterprises can open foreign currency and cash account in the banks in Tianjin Port Bonded Area and if approved, open foreign currency account in overseas banks. Foreign currency earned by enterprises can adopt willingness settlement of exchange. It is unnecessary for enterprises in Tianjin Port Bonded Area to go through the formalities of canceling after verification of collecting foreign currency for export and paying foreign currency for import. 14. In order to be of service to the development of export-oriented economy in the central-western area, Tianjin Port Bonded Area will give enterprises that invest in the central-western area special preferential treatments in terms of financial subsidies, use of land, settlement of personages, infrastructure service and business service etc. (For more biz stories, please visit *Industry Updates*)