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High-End Equipment Imports Exempt from Customs Duty and VAT

Some types of large technical equipment will enjoy customs duty and import VAT exemption from 1 January to 31 December 2020, following a recent round of adjustments to import tax policies.

Exempt goods include: large equipment for clean and efficient power generation, EHV and UHV power transmission and transformation equipment, large petroleum and petrochemical equipment, large shipping and marine engineering equipment, large equipment for environmental protection and comprehensive utilisation of resources, and electronic information and biomedical devices.

Full details can be found in the Circular on Adjusting the Catalogues of Import Tax Policies for Major Technical Equipment (Cai Guan Shui No. 38 [2019]), issued jointly by the Ministry of Finance, National Development and Reform Commission, Ministry of Industry and Information Technology, General Administration of Customs, State Taxation Administration and National Energy Administration.

Source: Ministry of Finance

Content provided by Picture: HKTDC Research
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