For businesses, development possibilities are greatly expanded. The zero tax scope will be significantly expanded, further relaxing import and export regulations, reducing import costs, and enabling businesses to integrate into global industries and supply chains.
For businesses, development possibilities are greatly expanded. According to Cai Ping, a National Development Commission official, the zero tax coverage will be significantly expanded, import restrictions will be further relaxed, import costs will be reduced, and businesses will be able to integrate into global industries and supply chains.
After the island-wide independent customs operations, Zero Rif’s policy beneficiaries will broadly include all businesses and institutions across the island with actual import needs, including non-empaze entities that are not operated personally, including Wu Zinphang, the director of customs at the Ministry of Finance.
The number of zero tension products has increased from around 1,900 items to around 6,600, accounting for 74% of all tariff categories. The expansion is expected to further reduce production costs for eligible beneficiaries, Wu said.
Furthermore, the distribution of zero-rif products and associated processed products is permitted among qualified beneficiaries without incurring import taxes, Wu noted.
China’s Hainan Free Trade Port will officially launch independent customs across the island on December 18th.
MNA