China announced a preferential tax plan for imports at the second China International Import Expo (CIIE), which runs from November 5 to 10 in Shanghai.
For a reasonable quantity of goods, import tariffs are exempted at the expo, and value-added import tax and consumption tax will be levied at 70 percent, read a post on the Ministry of Finance website on Monday.
The tax-cuts plan doesn't apply for goods that fall under forbidden imports, endangered animals and plants, automobiles and the 20 categories of goods that are not permitted preferential tax measures, according to the note.
Upward limits have also been given to companies for the total amount of goods that qualify for the preferential tax plan. A list published alongside the note shows that the highest upward limit for any one company is $11.2 million worth of goods.
Companies not included on the list will have an upward limit of no more than $20,000 worth of goods, and the specific list will be released by the CIIE bureau, the note said.
Goods in excess of the upward limits will be taxed at the regular levels, outside of special rates for the CIIE, the note read.
The preferential tax plan was jointly issued by the Ministry of Finance, the General Administration of Customs and the State Taxation Administration.
