In a bid to optimize its business environment, the Guiyang Free Trade Zone – located in Guiyang, capital city of Southwest China's Guizhou province – recently launched a number of preferential policies for local enterprises.
It was reported that as of end-May, some 21 businesses had located to the zone since 2019, attracting fiscal deductions of 29.54 million yuan ($4.58 million), which reduced their costs and lessened their overall financial burden.
It is understood the Guiyang Free Trade Zone was the first special customs supervision area to offer support with preferential policies for taxpayers. Those pilot enterprises that qualified enjoyed various benefits, such as value-added tax deductions and tax refunds or exemptions for export goods leaving China.
The zone coordinated with the local customs department, district government services center and tax bureau to respond in tandem, so that approvals could be communicated directly to enterprises, to avoid them being bothered by the usual administrative registration procedures.
The beneficiary companies reportedly achieved more than 540 million yuan's worth of non-bonded goods from May 2019 to May 2020. In addition, total sales reached 310 million yuan during the same period, of which domestic revenue reached 260 million yuan.
As a result of the policies, local enterprises reportedly now have the potential to reshape their business and develop their domestic and international markets.