City looks at tax refund for exporters
By Ding Yining |
January 20, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI is considering introducing a tax refund to exporters of dry bulk goods and containers departing from Qingdao and Wuhan that used Yangshan Deep-Water Port as a transfer hub as it bids to compete with neighboring ports in the Asia-Pacific.
The Ministry of Finance, the State Administration of Taxation and the General Administration of Customs will coordinate the pilot plan which will start in the near future, a government official said at a press conference yesterday.
"Export companies will have their tax refunded as soon as their goods leave Qingdao or Wuhan for Yangshan port, thus speeding up their capital flow," said Wen Xuexiang, vice director of the Shanghai Customs Office.
Previously export companies used Busan in South Korea and other neighboring ports as a transfer hub.
China approved last April for Shanghai to be built into a major global financial center and shipping hub by 2020.
Shippers registered at the Yangshan port have been exempted from paying business tax on their international shipping revenue since May 2009. The exemption totaled 310 million yuan by the end of 2009, according to the Shanghai Transport and Port Authority.
Shanghai's ports handled 590 million tons of dry bulk goods last year, the biggest amount in the world, and 25 million TEUs of containers, ranking it the world's second largest.
The Ministry of Finance, the State Administration of Taxation and the General Administration of Customs will coordinate the pilot plan which will start in the near future, a government official said at a press conference yesterday.
"Export companies will have their tax refunded as soon as their goods leave Qingdao or Wuhan for Yangshan port, thus speeding up their capital flow," said Wen Xuexiang, vice director of the Shanghai Customs Office.
Previously export companies used Busan in South Korea and other neighboring ports as a transfer hub.
China approved last April for Shanghai to be built into a major global financial center and shipping hub by 2020.
Shippers registered at the Yangshan port have been exempted from paying business tax on their international shipping revenue since May 2009. The exemption totaled 310 million yuan by the end of 2009, according to the Shanghai Transport and Port Authority.
Shanghai's ports handled 590 million tons of dry bulk goods last year, the biggest amount in the world, and 25 million TEUs of containers, ranking it the world's second largest.
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