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FATF’s Positive Report Card for Singapore Hong Kong and Hainan should forge a strong partnership and explore new models of cooperation, the city’s leader has said, urging the business sector to capitalise on the mainland Chinese province’s free-trade port status by offering professional services in areas such as finance, law and accounting.
Hainan, a 35,000 sq km (14,000 square miles) island that is 32 times the size of Hong Kong and 49 times that of Singapore, implemented a separate customs regime last December as it sought to develop into an offshore financial and duty-free hub amid escalating external trade barriers.
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Under the regime, most overseas goods entering the island are exempt from import duties, value-added tax and consumption tax. But if the goods are subsequently shipped to other parts of the mainland, they will be taxed as if imported from abroad.
If imported items are processed in the province and achieve more than 30 per cent value added, they may enter the mainland market tariff-free.
Lee said the launch of the regime presented multifaceted business opportunities for Hong Kong companies.
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