China Reduces Import Taxes At Cross-Border Free Trade Zones
Boost for regional small commodity traders as monitoring resumption begins
In a boost to traders and import-export agents operating on China’s land borders, China has reduced the import taxes payable on goods coming into border free trade zones.
From March 1 to May 31, the comprehensive import tax rate in such zones is reduced from 3.696 percent to 1.232 percent in support of traders affected by the coronavirus epidemic. Most FTZ on China’s borders were closed January-March.
China has land borders with Afghanistan, Bhutan, India, Kazakhstan, Kyrgyzstan, Laos, Mongolia, Myanmar, Nepal, North Korea, Pakistan, Russia, Tajikistan and Vietnam.
Common practice at present in Border regions Free Trade Zones is that body temperature tests are mandated for everyone entering the zone. These FTZ cater mainly for SMEs and small traders, but are also pertinent for foreign investors based in China’s border regions with imports and exports from neighboring countries. Most are sited either directly at, or within a few kilometers of the actual border crossings.
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Silk Road Briefing is written by Dezan Shira & Associates. The firm provides strategic analysis, legal, tax and operational advisory services across Eurasia and has done since 1992. We maintain 28 offices throughout the region and assist foreign governments and MNC’s develop regional strategies in addition to foreign investment advice for investors throughout Asia. Please contact us at email@example.com or visit us at www.dezshira.com