CIIE exhibitors to qualify for lower taxes
A tax cut policy for exhibits at the upcoming China International Import Expo was issued by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration on Monday.
CIIE exhibitors stand to receive a certain amount of tax exemptions, including customs duties, value-added tax and consumption tax, according to the notice.
Eligible exhibits include machines and instruments, tractors, ships, medical equipments, artwork, collectables and antiques.
Each type of exhibit is subject to a different tax cut. For example, exhibitors of mechanical and electrical equipment can enjoy cuts for a maximum of 12 items, while exhibitors of medical equipment can have a maximum of five.
Exhibitors of other goods can also enjoy certain tax cuts for total sales under US$20,000.
Tobacco, liquors, automobiles, products related to endangered animals and plants, as well as goods prohibited by China will not receive tax cuts.
Duties will be levied in accordance with the relevant regulations on exhibits sold during the CIIE in excess of the quantity or quota stipulated in the policy, as well as unsold exhibits which are not returned overseas after the expo period.
The list of participating exhibitors and the exhibits sold during the expo will be submitted by the China International Import Expo Bureau and the National Exhibition and Convention Center (Shanghai).