The Qianhai special economic zone in Shenzhen has broadened the scope of its tax incentives for businesses, aiming to remove policy disparities within the zone and invigorate its development.

Meanwhile, Qianhai’s tax relief for Hong Kong residents is expected to attract more talented individuals from the special administrative region to develop their careers across the border and promote integrated development between Shenzhen and Hong Kong.

READ MORE: Qianhai releases new measures on SZ-HK cooperation

According to the Qianhai Authority’s announcement on Thursday, the preferential tax policy for enterprises will be expanded to cover all areas of the special economic zone, allowing eligible firms to pay enterprise income tax at a preferential rate of 15 percent.

As a leading area for integrated development between Shenzhen and Hong Kong, Qianhai has introduced more than 200 policies that benefit Hong Kong by the end of last year

For individuals, Qianhai will subsidize the excess of 15 percent of personal tax for high-end and urgently-needed professionals from abroad. Hong Kong residents working in the zone will also be exempted from paying taxes higher than in Hong Kong.

“The preferential tax policy for Hong Kong residents working in Qianhai is very attractive, as they can enjoy the same tax rate as in Hong Kong,” said Daniel Wong, who works in an accounting firm in Hong Kong and frequently travels to Shenzhen due to personal business matters.

READ MORE: Qianhai to recruit more SAR residents in administration

“I believe more professionals from Hong Kong, especially those from the financial field, will consider Qianhai as a preferred workplace when they plan their career,” he said. 

As a leading area for integrated development between Shenzhen and Hong Kong, Qianhai has introduced more than 200 policies that benefit Hong Kong by the end of last year. The special economic zone is home to nearly 10,000 Hong Kong-funded firms, with accumulative actual use of Hong Kong capital reaching $33.7 billion.

Contact the writer at sally@chinadailyhk.com