China News Agency, Beijing, June 4 (Reporter Li Xiaoyu) The China General Administration of Customs announced the new regulations on the 4th to implement bonded or tax-free for overseas goods entering the Hainan Yangpu Bonded Port Area; goods entering the zone outside the domestic area are deemed to be exported and implemented Tax refund.
According to the new regulations, in addition to prohibiting imports and exports, restricting exports, and goods requiring inspection and quarantine, China will try to implement the entry and exit management system for goods that are released on the first line and controlled on the second line.
The new regulations make it clear that for goods produced by encouraged industrial enterprises in Yangpu Bonded Port Area that do not contain imported materials or contain imported materials that are processed in the bonded port area with a value-added of not less than 30%, they will be sold outside the zone and enter the domestic area. Import duties are exempted; import value-added tax and consumption tax are levied in accordance with the regulations. For the inspection items of animal and plant products entering the zone overseas, "enter the zone first and then test", and follow-up disposal based on the test results.
In addition, the import and export of goods between the Yangpu Bonded Port Area and overseas is not subject to license management, except as clearly stipulated by laws and regulations. Except for goods prohibited by the state from entering or leaving the country, other goods can be internationally transferred within the Yangpu Bonded Port Area.
China has recently announced the overall plan for the construction of Hainan Free Trade Port. The General Administration of Customs stated that the new regulations are intended to give full play to the pilot role of the Yangpu Bonded Port Area and support the construction of the Pilot Free Trade Port Area. (Finish)