China Offers Import Tax Incentives for Technology Innovation During 14th Five-Year Plan Period
30 April 2021
According to a circular recently issued by the Ministry of Finance, the General Administration of Customs and the State Taxation Administration, technology innovation is to be incentivised during the 14th Five-Year Plan period. Items for scientific research, technological development and teaching imported by qualified scientific research and technological development institutions are exempt from import duties, import value-added tax (VAT) and consumption tax in instances where domestic manufacturers cannot produce or meet performance requirements for such items. In addition, subject to customs verification and approval, qualified institutions may make use of tax-exempt imported medical equipment and accessories in clinical activities.
The circular (Cai Guan Shui No.23 ) is effective during the 14th Five-Year Plan period (1 January 2021 to 31 December 2025).
Source: Ministry of Finance
- Mainland China