Trial starts for port of origin tax rebate
By Liang Yiwen |
August 2, 2012, Thursday
|
Print Edition
Print Edition
DOMESTIC export transshipments to Shanghai's Yangshan Deep-water Port will enjoy a tax refund at their port of origin in a new policy, which came into effect yesterday.
Shanghai has been given the green light to pilot a system of tax rebate at ports of departure. Export goods using the Yangshan port as a transfer hub will be eligible for export rebate at their departure ports.
The new project will help exporters trim the procedure for tax rebate and increase their capital efficiency, experts said.
Tao Baoxuan, general manager of the Hubei branch of the Sinotrans Landbridge Transportation Co, said: "The policy can help improve a company's cash flow and reduce operation cost."
In the past, shipping companies could only get tax rebate after their ships left Yangshan for overseas ports.
Many ships turned to overseas shipment transfer to enjoy some tax rebate, such as Qingdao ships turning to South Korea's Busan, which meant a loss of tens of billions of yuan for the country.
Now qualified exporters can get their tax rebate at the customs of Qingdao in Shandong Province or Wuhan in Hubei Province once their export cargo leaves for Yangshan.
The policy is currently being implemented on a trial basis between Qindao, Wuhan and Yangshan. The first batch of transshipments from Qingdao and Wuhan sailed for Shanghai yesterday. Jian Danian, deputy director of the Shanghai Free Trade Zones, said the policy will help Yangshan attract more transshipments and make it internationally competitive.
Shanghai has been given the green light to pilot a system of tax rebate at ports of departure. Export goods using the Yangshan port as a transfer hub will be eligible for export rebate at their departure ports.
The new project will help exporters trim the procedure for tax rebate and increase their capital efficiency, experts said.
Tao Baoxuan, general manager of the Hubei branch of the Sinotrans Landbridge Transportation Co, said: "The policy can help improve a company's cash flow and reduce operation cost."
In the past, shipping companies could only get tax rebate after their ships left Yangshan for overseas ports.
Many ships turned to overseas shipment transfer to enjoy some tax rebate, such as Qingdao ships turning to South Korea's Busan, which meant a loss of tens of billions of yuan for the country.
Now qualified exporters can get their tax rebate at the customs of Qingdao in Shandong Province or Wuhan in Hubei Province once their export cargo leaves for Yangshan.
The policy is currently being implemented on a trial basis between Qindao, Wuhan and Yangshan. The first batch of transshipments from Qingdao and Wuhan sailed for Shanghai yesterday. Jian Danian, deputy director of the Shanghai Free Trade Zones, said the policy will help Yangshan attract more transshipments and make it internationally competitive.
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