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Media: Sanya's low taxes to draw highly qualified personnel to the island

Over the past three years, Sanya has invited about 40,000 highly qualified professionals

HAIKOU, October 1. /TASS/. Hainan's Sanya plans to attract as many highly sought-after specialists as possible thanks to its flexible policy of reducing the tax burden, reported the Sanya Daily.

According to the newspaper, the reduction of the maximum income tax rate to 15% was one of the key factors that contributed to the increase in the number of professionals required for the development of Hainan's Free Trade Port. Thanks to this, about 870 valuable personnel living in Sanya have saved about 76.32 million yuan ($ 11.76 million) on payments to the treasury over the past year. A similar measure applies to strategically important enterprises in the city, 150 of which, thanks to a reduction in financial burden over the same period of time, reduced costs by 505 million yuan ($ 77.86 million).

According to Fu Dajing, official representative of Hainan Quwan Yundong, her company is engaged in equipping water parks and holding sports events. Thanks to the rate cut from 25% to 15%, the organization saved about $ 2 million over the past year. "This money can be used for business development, for raising employees' salaries, for purchasing more modern equipment," she said.

According to several experts interviewed by the newspaper, thanks to such a tax policy, each of them got the opportunity to increase their wealth by several thousand dollars a year.

"We will continue to coordinate with the city's committee for development and reform and other competent departments <...> to constantly improve Sanya's business climate," the local tax office said.

According to statistics, over the past three years, Sanya has invited about 40,000 highly qualified professionals. Among the strategically important areas in which the city administration intends to actively promote the recruitment and education of qualified specialists are scientific research and innovative development, tourism, education, healthcare, culture, urban management, management, international and youth projects, IT, and modern agriculture.