China to exempt import tariffs for certain goods at import expo

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China announced Thursday it would exempt import tariffs for certain amounts of foreign goods at the first China International Import Expo (CIIE).

During the expo taking place from Nov. 5 to 10, consumers can enjoy a 30-percent discount on these foreign products from their import value-added tax and consumption tax, the Ministry of Finance said in a statement on its website.

The ministry posted a list on its website that are included in the favorable tax policies.

Companies that are not on the list will also be eligible for favorable policies, but their sales that surpass 20,000 US dollars will not enjoy the tax reference.

Preparation for the China International Import Expo / VCG Photo

Prohibited imports, endangered animals, plants and their byproducts, as well as autos and 20 other named products will not be able to take advantage of the favorable tax policies, the ministry said.

The CIIE is scheduled to kick off in Shanghai on Monday. More than 3,000 companies from over 130 countries and regions have so far confirmed their participation in the event.

Source(s): Xinhua News Agency