Asia Bizz: South China’s resort city of Sanya will soon be celebrating the one year anniversary of its first duty free shop. As a part of the occasion, the officials said that more such stores will be opened in future, especially in Hainan province, and even the rebate cap on the purchases is likely to be lifted.
The duty free shop was launched by China on a trial basis last year in the tropical island of Hainan. The store allows tourists to spend up to 5,000 yuan on imported commodities without paying taxes.
The director of the department of the social development for the National Development and Reform Commission, Wang Wei, stated that the rebate cap on the commodities might be lifted. Wang added that the policy has been carried out for one year and the rebate cap will be increased in the long run, but will take its own time for assessment.
The vice governor of Hainan province, Tan Li said that the duty free policy is the most valuable as well as the most influential part of the government’s preferential policies to boost Hainan as an international tourism island. After the launch of the duty free store, the total sales of the duty free commodities have reached a whopping 1.6 billion yuan.