#Hainan Customs Closure

The real long-term impact is not the tax-free iPhone, but the tax

1 Personal Income Tax: 15% cap

Mainland cities highest individual tax: 45%, Hong Kong: 17%

2 Corporate Income Tax: 15% (long-term policy)

Mainland: 25%

Hong Kong: 16.5%

Singapore: 17%

United States: 21%