Manufacturing and production service businesses will be able to receive their equipment duty-free in the recently launched Shanghai Free Trade Zone under a new tax policy released by the Ministry of Finance, the official Xinhua News Agency reported, citing an announcement by China’s finance, customs and taxation regulators on Thursday. Imports of machines, equipment and other necessary goods for manufacturing will all be exempt from duty tax. Non-manufacturing purpose goods that are imported by production service enterprises will not be duty-free. Goods produced within the free trade zone and sold to the domestic market through indirect means will have to pay value-added tax and consumption tax.
Categories