Vessels anchor at Xingang Port in Haikou, capital of south China's Hainan province, Dec 26, 2016.(ZHAO YINGQUAN / XINHUA)

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.

READ MORE: Hainan free trade port gets policy boost to woo investment

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, according to 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.

ALSO READ: Xi: Build high-quality port in Hainan

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