In a move which is aimed at increasing cross-border trade and investment, China's Finance Ministry has announced that it has reduced the tariff requirements on small-scale imports from neighbouring countries.
The move, which became effective on November 1st, will exempt individuals who reside in border areas from the taxes that are applied to daily commodities, such as food and clothes, and allow them to transport up to CNY8,000 (USD1,170) worth of goods across the Chinese border from neighbouring countries without being burdened by the tariff restrictions which previously applied.
The change is part of a plan to support importers and exporters located near the border, with funds coming from provincial governments.
It is not yet clear whether this new regime will be implemented on a temporary or permanent basis.
Elsewhere, Beijing has announced that the tax refunds it allows textile and machinery exporters to claim have been increased.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment