Machinery Parts: Tax Rebate after Taxation
Author: ChinaFastener.com
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Date:
2008-9-9
Source: Chinafastener.com
In order to encourage independent R&D and production of large state-owned equipment manufacturing enterprises, the Ministry of Finance recently issued a notice for domestic equipment manufacturers: "Tax rebate after taxation" is applied for custom duty and importation value-added tax on some key components and raw materials used in Mechanical mining shovel and large mining machines. At the same time, the whole machines and complete set of machines enjoys the exemption policy on tariffs.
The rebate will be used as national investment fund for developing new products. Ministry of Finance official expressed that while domestic equipments meeting national need, halting duty-free policy will bring a fair competition for domestic equipment and imported equipment, which will release the pressure from high cost for developing new domestic equipments.