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Investment

Pingyao's preferential policies for investments

Updated:2013-05-21 17:21
( chinadaily.com.cn)

Chapter 4 Preferential taxation policies

Article1

The county government will refund all the VAT and income tax paid by an enterprise in its first three years since its operation, if it is an industrial or modern logistics enterprise with 50 million yuan in fixed assets investment, as a development fund. In the fourth and fifth year, the county government will cover 50 percent of the VAT and income tax paid by an enterprise, as a development fund. And, the county government will refund all property tax, vehicle tax, stamp tax, land use tax of an enterprise in its first three years of operation.

Article 2

The county government will refund 50 percent of the income tax collected from an enterprise in the first three years of operation as a development fund if it is a non-production enterprise, e.g. in commerce, tourism, finance, services, or entertainment, or in science, education, culture, health and sports, with imported fixed asset investment of 20 million.

Article 3

The county government will refund all income tax paid by an enterprise in the first three years of operation, as a development fund, if it is involved in agricultural development projects and has imported fixed asset investment of 10 million.

Article 4

Preferential policies on taxation are open to negotiation on projects with imported capital accounting for more than 60 percent of a fixed asset investment of 500 million yuan ($81.4 million) or on projects that are backed by global Top 500 enterprises or China’s Top 500 or a leading enterprise in any industry.

Chapter 5 Service and protection policies

Article 1

The county government will provide one-stop services with an official in charge of the project, along with governmental department help, for any development and reform, economic, commercial, grain, planning, environmental protection, land, industry, quality supervision, land tax, housing, construction, real estate, electricity, fire fighting, or communication procedures, as soon as possible, in accordance with the Administrative Law.

Article 2

Joint meetings will be held for industrial enterprises settled here to reduce time that reviewing procedures usually take, including on registration, certification and land acquisition.

Institutional and operational charges will be cut 50 percent for any industrial enterprise.

Article 3

County government administrative charges for three years can be waived or refunded to any industrial or non-production enterprise with imported fixed asset investment of 20 million.

Article 4

The county government will give priority in environmental and land use quotas in industrial enterprise projects designed by investors.

Article 5

Investment projects are given priority and are more likely to get special funds.

Article 6

Any administrative penalties leveled on enterprise investors will be done through an administrative hearing system.

Chapter 6 Incentives

Article 1

Annual investments need to be confirmed by the county investment bureau and supervisory, finance, auditing, economic, trade, development, and reform offices, to come up with confirmation documents of projects.

Article 2

Social security procedures, e.g. family placement, getting settled in, housing, or education for the various senior management and technical personnel involved in an investment project will be completed within one month.

Article 3

Investors are encouraged to make a complete inventory use of stock and assets of disadvantaged State-owned enterprises and take part in a restructuring of the assets by merger or acquisition.

Article 4

There are rewards for any (enterprise, individuals, party or government officials), depending on the capital, construction development, or economic and social benefits they bring, subject to investment promotion leaders’ approval, with the award or bonus subject to tax.

Chapter 7 Supplemental provisions

Article 1

This policy went into trial operation, on Jan 1, 2012, with any county preferential policies on investment to be terminated and adjusted to national investment policies.

Article 2

The county investment promotion bureau is responsible for application of this policy.

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