The Customs Xiaoshan Office has made new adjustments to the tax deductions and exemptions for foreign-funded enterprises' imports of machine tools in accordance with relevant state regulations. Some imported CNC machine tools no longer enjoy the same preferential policies as tariffs and VAT.
Previously, foreign-funded enterprises' projects that imported CNC machine tools and pressure forming machines within the total investment volume were all exempted from import duties.
At present, newly approved foreign-funded projects will be subject to customs duties (import-linked value-added tax is still waived) if they are imported into the CNC machine tools and pressure forming machines listed in the Catalogue of Internally-funded Non-Exempted Items. It is understood that this move is intended to support the development of domestic manufacturing industry. The equipment listed in the Catalogue of Non-Exempted Domestic-Funded Assets can be produced by existing domestic technologies. In other words, in the future, foreign-funded enterprises can only import existing domestic technologies. CNC machine tools and pressure forming machines that meet the requirements of the index can enjoy the relevant benefits.
This policy adjustment involves a large number of imported equipment and a wide range of areas, which may have some impact on some foreign-funded enterprises in Xiaoshan District. However, the new regulations still set a certain buffer period. The Office of the Customs in Xiaoshan reminded the enterprise that if there is a similar situation in the foreign-funded projects approved before May 1st, the project unit may still apply for approval of tax reduction and exemption from the customs until November 1st this year. formalities.
Previously, foreign-funded enterprises' projects that imported CNC machine tools and pressure forming machines within the total investment volume were all exempted from import duties.
At present, newly approved foreign-funded projects will be subject to customs duties (import-linked value-added tax is still waived) if they are imported into the CNC machine tools and pressure forming machines listed in the Catalogue of Internally-funded Non-Exempted Items. It is understood that this move is intended to support the development of domestic manufacturing industry. The equipment listed in the Catalogue of Non-Exempted Domestic-Funded Assets can be produced by existing domestic technologies. In other words, in the future, foreign-funded enterprises can only import existing domestic technologies. CNC machine tools and pressure forming machines that meet the requirements of the index can enjoy the relevant benefits.
This policy adjustment involves a large number of imported equipment and a wide range of areas, which may have some impact on some foreign-funded enterprises in Xiaoshan District. However, the new regulations still set a certain buffer period. The Office of the Customs in Xiaoshan reminded the enterprise that if there is a similar situation in the foreign-funded projects approved before May 1st, the project unit may still apply for approval of tax reduction and exemption from the customs until November 1st this year. formalities.
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