Shanghai's Yangshan port to offer export tax refunds

THE Shanghai government has revealed that the China State Administration of Taxation and China Customs has devised an export tax rebate scheme to a start trial run in the Yangshan port area, reports Xinhua.

At present, cargo originating in China can only receive tax refunds after reaching its destination, causing many shippers to choose transshipment through nearby Busan to speed up repayments.

The new policy shortens the exporters' wait, said Shanghai Urban Construction and Transportation Commission spokesman Shen Xiaosu.

According to deputy Director of Shanghai Customs Wen Xuexiang said, the new measure will possibly attract about three million TEU from northern China to transship through Shanghai, which previously transship in Busan.

Mr Wen said Shanghai Customs will cooperate with Qingdao and Wuhan government on extending the tax refund service to exports from the two cites. The three customs authorities have drafted administration and supervision measures that await government approval.

Source: www.schednet.com