BEIJING – China will extend the preferential tax policy for overseas talent working in the Guangdong-Hong Kong-Macao Greater Bay Area to Dec 31, 2027 to support the area's development, the Ministry of Finance said on Friday.

High-caliber overseas talent and professionals in short supply who work in the Greater Bay Area will get subsidies from Guangdong province and Shenzhen Municipality to offset the difference between the individual income tax on the Chinese mainland and in Hong Kong, it said.

READ MORE: GBA draws top talents for digital economy

The subsidies will be exempt from individual income tax, according to a circular jointly released by the ministry and the State Taxation Administration.

ALSO READ: CE pushes GBA development with 'innovative policies'

The finance ministry also announced that a departure tax refund policy for overseas tourists will be implemented in Ningbo, east China's Zhejiang province, from Sept 1.