Home  >  Business   >   Policies

Hainan FTP adjusts 'zero tariff' list

ehainan.gov.cn | Updated: 2022-02-15

The Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued a "zero tariff" policy adjustment notice on Feb 14 for self-used production equipment in the Hainan Free Trade Port.

According to the notice, eight commodities, including merry-go-round, swing, roller coaster, were removed from the negative list, while the number of public institutions subject to the main body of the policy increased and the benefits of the "zero tariff" policy were further expanded.


The Cloppenburg cargo ship is berthed at Yangpu Xiaochantan Wharf. [Photo/Chinanews.com]

The notice requires that the import of self-used production equipment by institutions registered in the Hainan FTP that have an independent legal personality shall be exempted from customs duties, import value-added taxes, as well as consumption taxes.

The "zero-tariff" list of self-used production equipment in Hainan FTP was announced in March last year. In November 2021, a batch of cableways was imported from Europe, becoming the first batch of "zero-tariff" self-used production equipment for tourism. According to the Hainan Customs, the total value of the imported cableway equipment was 64.19 million yuan ($10.1 million), with a total tax reduction of about 14.15 million yuan.

Tourism is one of the key industries of the Hainan FTP. Hainan province is promoting the implementation of many theme parks. The adjusted "zero tariff" policy will bring new opportunities for the construction of theme parks on the island and further its tourism industry.