China Extends Guangdong Hengqin New Area Incentives to Tourism Industry

China's Ministry of Finance and State Taxation Administration have jointly issued Notice No. 63 of 2 August 2019, which adds the tourism industry to the catalog of encouraged industries for the incentives provided in the Guangdong Hengqin New Area. The primary incentive for qualifying companies operating in the area is a reduced corporate income tax rate of 15%, as opposed to the standard 25% rate. The industry catalog with the tourism industry added is attached to the Notice and includes se…