Hainan Free Trade Port Implements Zero Tariff Policy for Vehicles and Yachts

The Ministry of Finance, General Administration of Customs and State Taxation Administration recently announced details of the “zero tariff” policy for vehicles and yachts in the Hainan Free Trade Port (Cai Guan Shui No. 54 [2020]). Independent legal entities registered in the Hainan Free Trade Port for transportation and tourism that import ships and other operational vehicles and yachts for transportation and tourism are exempt from import duties, import value-added tax and consumption tax.

The relevant policies are subject to positive list management. Vehicles and yachts are only for the own use of enterprises meeting the policy requirements of the Hainan Free Trade Port. The policies took effect on 25 December 2020.

Source: Customs Tariff Commission of the State Council