Shanghai: Shanghai’s Yangshan Port is looking to muscle in on Busan’s transshipment cargoes.
A new port policy introduced by Ministry of Finance, General Administration of Customs and State Administration of Taxation came into trial implementation in Shanghai Yangshan Port on August 1ã€‚
Shanghai has been chosen to pilot a system of tax rebate at ports of departure, domestic export transhipments to Yangshan Port will enjoy a tax refund at their port of origin.
In the past, shipping companies could only get a tax rebate after their ships left Yangshan for overseas ports. Now qualified exporters can get their tax rebate at the customs of Qingdao in Shandong Province or Wuhan in Hubei Province once their export cargo leaves for Yangshan.
“The policy will help Yangshan attract more transhipments and make it internationally competitive,” said Jian Danian, deputy director of the Shanghai Free Trade Zones.
Busan, South Korea’s number one port, is locked in a fierce battle for boxes with many Chinese ports, and offers many incentives for transshipment cargoes, a segment that makes up around 80% of its throughput. [02/08/12]