BEIJING -- Chinese authorities have rolled out preferential income tax plans for companies and individuals in the southern island province of Hainan to build it into a globally-influential free trade port.

According to a circular jointly issued by the Ministry of Finance and the State Taxation Administration, corporate income tax rates will be lowered to 15 percent for Hainan-registered eligible companies in certain industries.

Companies in tourism, modern services and high-tech sectors in the island province will be exempt from paying income tax for their proceeds from new outbound direct investments, said the circular.

Individuals with high-level and in-demand expertise working in Hainan will pay income tax no higher than 15 percent of their gross income, business earnings and government-approved allowances from the free trade port, according to a separate circular issued by the two central departments.

Both documents are effective from Jan 1, 2020 to Dec 31, 2024.