Nov. 7 – As a city striving to become an international shipping center, Shanghai is brewing a complete package of favorable policies for its shipping-related industries. The new policies are hoped to significantly bring down shipping companies’ tax liabilities to levels similar to the shipping tax burdens seen in Hong Kong, experts say.
According to a report by the Shanghai-based newspaper Dongfang Daily, the government of Shanghai’s Pudong New Area – the city’s trading and financial center with high reliance on international shipping – will announce a series of supportive measures to motivate the development of shipping-related industries. The favorable policy package, which includes one-time subsidies, tax subsidies and soft environment improvement, will be offered to both key shipping companies (such as ship operators, shipping companies and logistics companies) and high-end shipping-related service companies (such as finance leasing companies, shipping insurance institutions, shipping information consulting institutions, shipping brokers, shipping-related legal service institutions and maritime training institutions). Continue reading