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Tax-back plan for port

THE government will encourage Yangshan Deep-water Port to become a transaction hub for domestic shipping lines, industry experts said at a work meeting yesterday.

The Committee of Shanghai Urban Construction & Communications is working with other government departments to develop a policy that will make tax rebates available at the departure port.

Government authorities have also put forward detailed guidelines for five projects including 59 specific measures for Shanghai to speed up its building of a shipping center, but the work meeting didn't reveal any time frame for the measures.

Normally, tax rebates are available up to three months after goods are shipped to a foreign country. After using Yangshan port as a transfer hub, export-oriented companies will get their rebate as soon as the goods arrive at Yangshan, speeding up capital flow.

Yangshan Deep-water port became China's first bonded port in June 2005. There are now eight bonded port zones around the country and Yangshan is expecting to attract more shipping lines with the new tax policy.

The State Council has mapped out detailed guidelines for the local government to build Shanghai up into an international shipping hub. Shipping companies registered at Yangshan Deep-water Port will be exempt from paying business tax on their international shipping revenue. Other incentives include tax breaks for logistics companies and warehouse operators.


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