Regulations of the Shanghai Pudong New District on Reducing or Exempting the Enterprise Income Tax and the Consolidated Industrial and Commercial Tax to Encourage Foreign Investment

Regulations of the Shanghai Pudong New District on Reducing or Exempting the Enterprise Income Tax and the Consolidated Industrial and Commercial Tax to Encourage Foreign Investment

September 10, 1990
　
Article 1 So as for the Shanghai Pudong New District (hereinafter referred to as "the Pudong New Dist.") to expand foreign economic cooperation and technical exchanges, absorb foreign capitals, introduce advanced techniques, and accelerate development and construction, the Regulations are hereby formulated.
　
Article 2 The enterprise income tax on the production, business operation, and other incomes of the Sino-foreign joint, cooperative or wholly foreign-funded-and-run production enterprises established in the Pudong New Dist. shall be reduced and levied at the rate of 15%. Among these enterprises, those with the term of operation over 10 years, shall, subject to the enterprises' application and the approval of taxation authorities, since the year of making profits, be exempted from the enterprise income tax for the first two years, and levied half of the enterprise income tax from the third year to the fifth year.
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