Chinese authorities to exempt some exhibits of Hainan consumer fair from taxes
Release time: 2021-07-31 14:30 Source: TASS
The Chinese authorities unveiled a tax-exempt program for a number of categories of imported goods that will be presented at the first China International Consumer Products EXPO in Haikou on May 7-10, reported the Hainan Daily.
The measures were prepared by the Chinese Ministry of Finance and the General Customs Administration, they will be valid for the duration of the exhibition. As noted in the joint document of the two departments, the main goal of the duty free policy will be to enhance Hainan's openness to the world, improve the image of the island, and promote the construction of Hainan's free trade port.
During the event, some categories of imported goods that will be sold at the fair are exempt from import customs duties, added value tax and sales tax. Duty free policy will apply to furniture, garments, leather goods, fur and faux fur, travel goods, bags and containers, optical equipment, photographic equipment, natural and cultured pearls, precious and semiprecious stones, precious metals and products made from them, as well as watch.
The document emphasizes that the regime will not apply to endangered animals and plants, as well as products made from them, tobacco, alcohol and cars, prohibited from being imported into China. Moreover, exhibitors selling duty free goods will be subject to quotas set for each specific product category. Thus, for example, each producer has the right to the duty free sale of no more than 50 pieces of furniture, 30 pieces of clothing, 10 pieces of optical and photographic equipment, etc. For some categories, in particular, watch, products made of stones and metals, maximum allowable sales prices have been set.
The first China International Consumer Products show will be held on May 7-10 in Haikou, and will be attended by 630 overseas companies from 69 states. This event is one of the measures for the implementation of the General Development Program of Hainan's free trade port, published on June 1, 2020 by the Central Committee of the Chinese Communist Party and the State Council. The event will be held at the International Exhibition Center, the exposition area will reach 80,000 square meters.