Apr. 27 – In accordance with Financial Tariff Circular  No. 55, the Ministry of Finance, General Administration of Customs, and the State Administration of Taxation recently updated Financial Tariff Circular  No. 17, effective April 15.
Major updated content is as follows:
- Imported products and equipment which meet the requirements of the “Tentative Regulations on Import Duty Policies for Major Technical Equipment” are entitled to tax exemptions on tariffs and import VAT.
- The “Non Tax-free Product and Major Technical Equipment Catalogue (Revised 2010)” comes into effect on April 26, 2010. Technology, equipment spare parts, and equipment for personal use are now exempt from import taxes.
- New tax exemption applications should handed over to the tax authorities between April 26 and May 26 for the importation of the following items: electrical equipment for subways cars, high speed EMUs, high-power locomotives, large railway maintenance machinery, environmental protection and resource comprehensive utilization equipment, and construction machinery.
- From April 26 onwards, new applicants may apply to Customs for clearance on imported equipment parts and raw materials with approval documents and certificates from the relevant authorities.
- Tax exemptions on tariff and import VAT begin June 1, 2010 for urban rail transit projects, including for the importing of related key components and mechanical equipment.