China scraps import duties for hi-tech components

BEIJING: China has announced a drop in import tariffs and import-related value-added taxes for a range of advanced components and raw materials for making sophisticated equipments.

The Chinese Ministry of Finance said items such as signal system of high-speed railways, garbage sorting system, solar cells, integrated circuits and manufacturing equipments for flat-panel display will enjoy tax exemption.

The new rules will take effect starting April 1. Importers of those components and raw materials would be required to register with customs and taxation authorities for tariff exemption review by April end.

Authorities also created a separate list of technological equipment and materials that will be taxed starting from April. The list included electric transmission and transformation equipments and concrete pump trucks.