The Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation issued the "Notice on the "Zero Tariff" Policy for Raw Materials and Excipients in Hainan Free Trade Port", which will be implemented from December 1, 2020. The zero-tariff policy is the latest measure taken by the central and Hainan provincial governments to promote the construction of Hainan Free Trade Port after the "Overall Plan for the Construction of Hainan Free Trade Port" was officially announced on June 1 this year.
According to Notice on the Hainan Free Trade Port's Zero-Tariff Policy for Raw and Auxiliary Materials, jointly issued by the Ministry of Finance, the General Administration of Customs and the State Taxation Administration, the zero-tariff policy went into effect on December 1, 2020. The zero-tariff list is among the latest of the policies that have been released by the central and Hainan provincial authorities to promote construction of Hainan FTP, following the issuance of the Master Plan for the Construction of Hainan Free Trade Port on June 1.
On July 3, 2020, at Macun Port in Hainan, staff unloaded live cattle imported from Australia. (Photo source: Xinhua News Agency)
[Knowledge Points]
Since this year, in the face of the obvious increase in instability and uncertainty in the world economy, and the spread of unilateralism and protectionism, China has not only not stopped opening up, but also launched a series of expansion plans. Open policy measures include the introduction of the "Overall Plan for the Construction of Hainan Free Trade Port". Hainan is my country's largest special economic zone and has the unique advantage of implementing comprehensively deepening reforms and experimenting with the highest level of opening-up policies. The plan emphasizes that the construction of a free trade port in Hainan is a fundamental requirement to promote high-level opening up and establish a new open economic system; it is an urgent need to deepen market-oriented reforms and create a legal, international and convenient business environment; it is an urgent need to implement The new development concept is a strategic choice to promote high-quality development and build a modern economic system; it is a practical action to support economic globalization and build a community with a shared future for mankind.
The zero-tariff policy of the Hainan Free Trade Port is clear. Before the island-wide customs sealing operation, enterprises registered in the Hainan Free Trade Port and with independent legal person status will import for their own production and use, carry out production and processing activities in the "two ends outside" model, or The raw and auxiliary materials in the positive list consumed in the process of service trade under the "two ends outside" model are exempt from import duties, import value-added tax and consumption tax. In addition, the duty-free shopping policy on outlying islands has been greatly relaxed, and the duty-free shopping limit has been increased from the current 30,000 yuan per person per year to 100,000 yuan per person per year, and the types of duty-free goods have been further expanded based on the current 38 categories of goods. Optimize management and improve shopping convenience for passengers.
[Important Speech]
We will further reduce tariffs and institutional costs, cultivate a number of import trade promotion innovation demonstration zones, and expand imports of high-quality products and services from various countries.
China will further cut tariffs and government instituted transaction costs, and open a number of demonstration zones for creative promotion of import trade to increase import of quality goods and services.
——On November 19, 2020, Xi Jinping spoke at the APEC Business Leaders Keynote speech at the dialogue session
Hainan Province must dare to take responsibility, take the initiative, and lay a solid foundation for the construction of a free trade port with the spirit of nailing. Relevant departments of the central government and the state must support Hainan's bold reform and innovation and promote the construction of Hainan Free Trade Port to continuously achieve new results.
Local government of Hainan should act boldly and proactively to accomplish the goal of laying a solid foundation for the construction of the Hainan free trade port, while central authorities should support Hainan's daring reforms and innovation, pushing for new achievements in the construction of the port.
——In June 2020, Xi Jinping gave important instructions on the construction of Hainan Free Trade Port
[Related vocabulary]
New highland of open economy
economy with a new height of openness
Zero-tariff commodities list
Source: China Daily website
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