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Chongqing Free Trade Port Area Approved to Implement Pilot Projects to Promote Trade Diversification

On October 11, Liangjiang New Area announced that The Official Reply to Implement the Tax Adjustment of Relevant Regulations to Promote Trade Diversification at Suzhou Industrial Park Comprehensive Bonded Zone and Chongqing Lianglucuntan Bonded Port Area issued by the State Council (hereinafter referred to as“The Official  Reply”) promises to plan a special area as the functional trade zone to carry out operations of trade, logistics and simple circulative processing and so on within the planning area at bonded port areas. Besides, The Official Reply promises to provide qualified enterprises the qualification of general VAT taxpayers within the functional trade zone.  
It is reported that The Official Reply also defines the relevant requirements for the construction of isolation and supervision facilities like bayonets and seines as well as sets clear policies for the operations of the entry and departure of goods, the circulation and sale of goods in the functional trade zone. To be specific, enterprises in the new functional trade zone will enjoy the following taxation policies: Unless otherwise specified by laws and regulations as well as the current policies, goods will be bonded in the functional trade zone via special Customs supervision areas and bonded areas under supervision and from overseas; non-bonded goods are permitted to enter the functional trade zone and goods from overseas can enjoy tax rebate with export goods declaration after departure; bonded goods will continue to be bonded at the same time of sale when entering the functional trade zone via special Customs supervision areas and bonded areas under supervision and from overseas; Customs impose import taxes according to their forms when bonded goods are sold in domestic and at the same time, the VAT authority levy value-added tax in accordance with the provisions of the domestic sales of goods; besides the bonded goods, goods sold in domestic or in the trade area, the VAT authority will levy value-added tax in accordance with the provisions of the domestic sales of goods; Customs will impose tax on imports if there are bonded goods among good sold in domestic in accordance with their forms of entry the functional trade zone; the functional trade zone will no longer perform the tax exemption policy for imported machines, facilities and basic construction materials in comprehensive zones and bonded port areas.
Relevant person in charge of Liangjiang New Area said that as the comprehensive pilot area of national modern service industry, Liangjiang New Area is building its business platform with the functions of import and consumption, import and export, trade and manufacture, wholesaling and retailing, bonded and non-bonded. In mid-to-late October, Chongqing International Exhibition & Trading Center with an area of 47,000 m2 will open officially. Besides, Liangjiang New Area has initially established cross-border e-commerce platform and has completed the functional development of e-commerce website “Encouraging Purchase and Free Trade” (Phase 1) and “Chongqing Cross-Border E-Commerce Platform” has also been launched officially. The Official Reply issued by the State Council will vigorously promote the rapid development of service industry in Liangjiang New Area.
   

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