The Ministry of Finance, along with several other key departments including the National Development and Reform Commission, the Ministry of Industry and Information Technology, the General Administration of Customs, the State Administration of Taxation, and the National Energy Administration, recently announced a joint notice to revise the import tax policy for significant technical equipment. This move aims to enhance the core competitiveness of domestic enterprises, encourage independent innovation, drive industrial upgrades, and support the sustainable growth of the national economy.
According to the "Notice on Adjusting Import Tax Policies for Major Technical Equipment" released by these six ministries and commissions, starting from July 1, 2009, domestic enterprises engaged in the development and production of major technical equipment and products will no longer have to pay import duties or import VAT on essential imported parts and raw materials. However, the preferential tax policy previously applicable to complete machines and complete sets of equipment will be terminated. For certain areas where domestic equipment still falls short of meeting demands, a temporary continuation of the import tax concession policy will be granted under strict scrutiny, with the aim of gradually reducing the level of benefits and narrowing the range of exemptions over time.
The list of state-supported major technical equipment and products includes large-scale clean and efficient power generation units, one-million-kilowatt nuclear power units, ultra-supercritical thermal power units, boilers with outputs of 600MW and 1000MW, steam turbines, generators, and more.
The notice also states that, starting July 1, 2009, the previous practice of deferred payment of customs duties and import VAT on critical parts and raw materials imported for the research and production of major technical equipment by domestic enterprises will cease.
Furthermore, enterprises wishing to apply for continued tax benefits on key parts and raw materials imported between January 1, 2008, and June 30, 2009, must submit their applications by September 30, 2009. Applications received after this date will not be considered. Similarly, businesses seeking tax exemptions for importing major technical equipment and its related parts and raw materials from July 1, 2009, to December 31, 2009, need to file their applications by October 1, 2009. Eligible companies will be entitled to the 2009 tax exemption policy beginning July 1, 2009.
This adjustment reflects the government's commitment to fostering technological advancement while balancing fiscal considerations. It is expected to have a positive impact on China’s manufacturing sector and broader economic development.
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