China: Tax breaks for foreign investors' imports reintroduced after 8 years

20th March 2017 - The General Customs Administration of the PRC announces it will be reinstating clauses from a 1997 State Council policy that exempt foreign investments (see Announcement No.33/2017) in designated sectors from all import-related taxes and duties.

This marks a change from the 2008 revision to the 1997 policy that meant such imports would only be exempt from import tariffs.

The announcement is the first departmental implementation at following an 'executive meeting' chaired by Premier Li Keqiang in December 2016 urging favourable policies for foreign investors, and the subsequent State Council Announcement No.5/2017 urging government departments to start enacting change (see related act).