Tax cuts coming

Beijing: The Ministry of Transport is currently working on plans to reduce tax levels in the maritime industry, Wang Mingzhi, deputy director of Water Transport Department under the Ministry of Transport, said at the World Shipping (China) Summit in Chongqing.

Wang said currently the income tax rates for ship’s crew and shipping companies are higher than the developed maritime countries and the ministry is working on a new tax policy to make tax rates similar to international levels.

Zhang Shouguo, secretary-general of the China Shipowners’ Association, said the association has sent the tax information of domestic shipping companies to the ministry for reference. [07/11/14]

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