国务院关于鼓励投资开发海南岛的规定 PROVISIONS OF THE STATE COUNCIL CONCERNING THE ENCOURAGEMENT OFINVE STMENT IN DEVE

provisions. Customs duties， product tax or value-added tax on the manufactured products containing imported parts and materials shall be levied retroactively in accordance with relevant stipulations. Where the enterprises with foreign investment within Hainan Island are to sell on the domestic market their products which conform to the standards specified in the methods governing import substitution by the State， they may apply to sell their products as import substitutes.

　　Article 18 Foreign exchange earnings derived by enterprises within Hainan Island from their product export and from other business activities， may be retained in foreign currency as earned and shall be handled in keeping with the regulations of the local People's Bank of China. The enterprises may adjust the surplus and deficits of their foreign exchange and effect a balance of foreign exchange receipts and disbursements at the foreign exchange adjustment markets located on Hainan Island or in other parts of China.

　　Article 19 Investors from abroad may freely remit from the enterprise's foreign exchange deposit account at the bank the profits they earn from the enterprises they set up on Hainan Island. The amount remitted shall be exempt from income tax. Investors from abroad who reinvest the profit they earn from their enterprises within the Island， for a period of not less than five years shall enjoy a reimbursement of 40 percent of the income tax paid on the amount to be reinvested， and 100 percent of the income tax already paid on the amount to be reinvested shall be reimbursed if the investors elect to reinvest their profit earnings in the construction of infrastructure and agricultural development enterprises， export-oriented and technologically - advanced enterprises within the Island.

　　Investors from other parts of China shall be free to remit their profit earnings from the enterprises on the Island. And no retroactive income tax shall be levied on the profit earnings remitted to other parts of China within ten years beginning from the first profit-making year.

　　Article 20 When coming to Ha

inan Island to negotiate investment or trade， promote economic and technological exchange， visit relatives or to tour， foreigners from countries or regions having diplomatic relations or official trade links with China， may apply for entry visas at the port of Haikou or Sanya if their stay in Hainan does not exceed 15 days； those who need to stay in Hainan longer or who want to go on to other parts of China on justifiable grounds， may apply for an extension of visa or obtaining an additional visa endorsement according to relevant provisions. Foreigners who permanently live on Hainan Island， or who invest in the establishment of local enterprises or participate in the development of the island， and their accompanying family members may upon application be granted multiple entry visas by the authorities concerned under the People's Government of Hainan Province.

　　Article 21 Compatriots from Hong Kong， Macao and Taiwan as well as overseas Chinese holding valid passports or documents issued by the competent authorities under the State Council or by their authorized agencies may come to Hainan Island or proceed to other places within China without visas. Compatriots from Taiwan may， at the ports in Hainan Island， directly apply for Travel Certificate for Compatriots from Taiwan.

　　The People's Government of Hainan Province is authorized to examine and approve the dispatch abroad of personnel by domestic organizations in Hainan Province that are to set up economic， trade or tourism offices or to establish enterprises abroad， except otherwise provided by the State.

　　Article 22 Matters not covered in these Provisions may be handled by the People's Government of Hainan Province according to the provisions concerning special economic zones. The rules for the implementation of these Provisions shall be formulated by competent departments under the State Council in conjunction with the People's Government of Hainan Province.

　　Article 23 These Provisions shall enter into force as of the date of promulgation

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