Tax implications of the Shanghai FTZ
Oct 17, 2013
Taking advantage of Shanghai FTZ's import tax cuts
Clarified import tax policies in the Shanghai free trade zone saves import tax and defers customs duty for corporates. CT asked Ernst & Young, KPMG and Deloitte how CFOs can take advantage.
China clarified import tax policies for the Shanghai Free Trade Zone (FTZ) on October 15. The policies included a scheme that charges a tariff on goods sold to the domestic market based on their corresponding imported materials or declaration status. These policies can save companies import tax and defer custom duties, or save import VAT for corporations with a long production circle or distribution centre.
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