Greater China

China tightens tax policy on imported ships

Beijing: The Ministry of Finance has issued a notice to the General Administration of Customs yesterday to make clear that import vessels are not applicable to the bonded import policy in an effort to protect the domestic shipbuilding industry.

According to the notice, all import vessels except Chinese funded vessels which fly flags of convenience, should pay import tax and VAT according to relevant tax policies.

For the first 11 months of 2013, the total value of imported vessels in China stood at $1.68bn, slightly up by 1.1% year-on-year, and the total value of export vessels is $26.7bn in the same period, dropping by 26.9% year-on-year. [12/02/14]

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