Sept. 16 – China has reduced import taxes on spare parts of large equipment in an effort to aid domestic manufacturing.

Taxes paid by domestic manufacturers of large equipment for imports made after Jan. 1, 2008 will be refunded. These include key spare parts of large equipment such as ultra- and extra-high voltage transmission equipment and transformers, large petro-chemical equipment and large coal-chemical equipment.

The government has also canceled the import tariff exemption on some complete sets.

The tax exemption does not apply for the approved importation of some complete sets of equipment by domestic and foreign-funded projects made after Sept. 1.

On the other hand, imports of such equipment by enterprises approved before Sept. 1 will continue to enjoy previous tax policies until March 1,2009.