The Ministry of Finance (MOF) has issued detailed measures on implementing the favorable tax policy for imported textile machines, the first among 16 kinds of hi-tech devices to enjoy benefits.
In January, China adopted the policy of reimbursing the value-added taxes and tariffs levied on imported key machine parts to develop and make high-speed pneumatic looms and automatic winders. All the reimbursed taxes will become national capital funds to be used for new product development.
Recently, the MOF adjusted the policy, so that from July 1st, China cancels the tariff exemption on imported automatic winders and pneumatic looms, but levies zero tariffs on them temporarily. At the same time, China continues to rebate the tariffs and taxes imposed on the imported parts of automatic winders and pneumatic looms.
Please read the full story in Chinese (http://jjckb.xinhuanet.com/caijing/2007-07/05/content_56729.htm).
(China.org.cn July 5, 2007)