12.08.10 00:13 Age: 9 yrs
Certain Major Science And Technology Projects To Be Exempt From Tariff And Import VAT
A week right after the Interim Provisions on the Administration of Intellectual Property of Major National Science and Technology Projects was released on 17 July 2010, Notice on Import Tax Policies on Major Science and Technology Projects was issued by The Ministry of Finance and four other ministries and commissions.
“This year has witness various ways as an effort to better implement the Major National Science and Technology Projects.” commented Edward E. Lehman, Managing Director of Lehman, Lee & Xu. Pursuant to the Notice, in accordance with the Outline of the National Plan on Medium-and-long-term Development of Science and Technology (2006-2020), no matter funded by central finance, local finance, self-raised funds or other channels, enterprise or university or college, research institution or other public institution which undertakes any major civil-related science and technology project covered by the Notice shall be exempt from import tariff and import VAT, when importing key equipment, part or raw material required that can’t be produced in China.
“Major National Science and Technology Projects of China is oriented toward a new age of independent innovation and long-term development. Thus, this Policy on import Tax is of vital significance.” said Mr. Lehman.
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