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Hainan FTP delivers 'zero-tariff' yacht

ehainan.gov.cn | Updated: 2021-06-28

A "zero-tariff" yacht, with its components imported from overseas without tariffs and assembled in Hainan Free Trade Port, was officially delivered to its client in Haikou on June 24.

The Commodore 4600, built by Hainan Kanghe Yacht, began being assembled and manufactured at the end of March this year. The 15.5-meter-long and 4.1-meter-wide yacht is capable of sailing 550 nautical miles, and is equipped with automatic cruise and electronic anchor functions. 

In accordance with the relevant policies of the Hainan FTP, the buyer of the yacht is exempt from having to pay import tariffs, import value-added tax and consumption tax, reducing the total cost of the purchase by more than 20 percent. 

Hainan Kanghe Yacht assembles yachts in Yangpu Bonded Port Area relying on imported yacht components, and their products are sold tariff-free to enterprises that meet the conditions approved by the relevant departments of Hainan province, according to officials from the customs department of Yangpu Port. 

On Dec 30, 2020, Hainan formulated and issued its Hainan FTP "zero-tariff" policy, allowing enterprises that have registered at the Hainan FTP and are engaged in transportation and tourism to enjoy import tariff exemption when they meet certain requirements.