China News Service Haikou, July 10 (Reporter Wang Ziqian) Hainan Provincial Department of Finance, Department of Commerce, and Market Supervision Bureau announced at noon on the 10th that Hainan is adopting market-based competition methods such as bidding to select and determine the newly added Hainan Islands As the main body of duty-free shopping, any enterprise shall not arbitrarily publish relevant information on the establishment of duty-free shopping stores in Hainan to develop duty-free products.
According to the announcement, under the unified deployment and planning guidance of the Hainan Provincial Party Committee and the Provincial Government, the Hainan Provincial Department of Finance, the Department of Commerce, and the Market Supervision Bureau are in accordance with the relevant provisions of the Ministry of Finance and the Provisional Measures for the Administration of Duty-Free Shopping Stores for Passengers in Hainan Islands. The principles of operating brands, varieties, prices and international synchronization are adopted, and market-based competition methods such as bidding are used to select and determine newly added tax-free shopping business entities in Hainan Islands. The organization's main body submits an application for the establishment of an outlying island duty-free shop, which will be reported to the Ministry of Finance, the General Administration of Customs, the State Administration of Taxation, and the Ministry of Commerce for review and approval in accordance with the procedures.
Without the approval of the relevant state departments and Hainan Province, no enterprise shall arbitrarily publish information about the establishment of an island duty-free shopping store in Hainan to carry out the operation of duty-free goods. In case of violation, the relevant departments of Hainan Province will be held accountable according to law and regulations.
Hainan Islands' duty-free shopping policy implemented the "largest in history" adjustment on July 1. According to the "Announcement on Tax-Free Shopping Policy for Hainan Islands Travelers" issued by the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation, it is clear that business entities qualified for the distribution of duty-free products can equally participate in Hainan Islands' tax-free operations.
After the release of the Hainan Islands Duty-Free Shopping Policy, the concept of tax exemption in the capital market has been hot. On the 10th, duty-free shop concept stocks continued to strengthen in the afternoon, and China Zhongfang pulled up more than 9%; Haiqi Group, Gree Real Estate, HNA Basics, Caesars Tourism and other stocks had previous daily limits. (Finish)