Hainan waives import duties on certain types of equipment for entertainment industry

 

HAIKOU /China/, February 17. /TASS/. Hainan province abolished import duties on some types of imported equipment used in the entertainment industry. This was announced by China's Ministry of Finance.

As noted in the statement of the ministry, the list of goods exempt from customs duties included vehicles for amusement rides, for roller coasters, components for merry-go-rounds, sports simulators and equipment for water parks. The new measures apply to importers who are registered in the province and use the above products in the service sector.

In addition, companies importing said equipment to the island from abroad are exempt from VAT and consumption tax on foreign products. These measures are expected to accelerate the formation of Hainan's free trade port and promote the competitiveness of the local entertainment industry.

The list of goods exempted from taxes and duties with the indication of foreign trade codes is published on the website of the Chinese Ministry of Finance. The eight items of nomenclature appearing in it cover a broad list of products occasionally purchased for cultural and leisure parks and various tourist facilities.

Gradually lifting trade barriers

As of December 1, 2020, Hainan has dropped duties on a wide range of products used in manufacturing and services, from agricultural products to liquefied natural gas to aircraft and helicopter components. Eligible importing companies were allowed to import products related to 169 items of the customs nomenclature onto the island without paying any fees. The list of goods exempt from taxes included rye, barley, oats, buckwheat, as well as sunflower seeds, hydrocarbons and chemical raw materials, various types of wood, boat motors, parts from boats and yachts, radar and aerospace equipment.

Last March, the Chinese government issued a duty waiver on technical equipment imported into Hainan for use in infrastructure construction, manufacturing, research and development, logistics, tourism, health care, and inspection and repair work. These measures apply to both machine tools, machines, instruments and other devices, as well as their components.