Ocean mining equipment imports will be exempted from import duties

The Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation have recently issued a notice to support the exploration and development of China's offshore oil (natural gas). With the approval of the State Council, the oil is being carried out in the oceans of China from January 1, 2011 to December 31, 2015. Projects for (natural gas) mining operations, which cannot be produced domestically or whose performance does not meet the requirements and are directly used for mining operations, include equipment, instruments, spare parts, and special tools. Exemption from import tariffs and import links within the specified tax-free import quotas. VAT.

From January 1, 2011 to December 31, 2015, self-operated projects for oil (natural gas) extraction operations in deserts and Gobi deserts within the territory of China cannot be produced in imported countries or their performance cannot meet the requirements and are directly used. Equipment, instruments, spare parts, and special tools for exploration and development operations shall be exempted from import duties within the specified tax-free import quotas; oil (natural gas) production operations shall be carried out within the bid-winning land oil (natural gas) winning bids approved by the state. Sino-foreign cooperation projects, importing equipment, instruments, spare parts, and special tools within the scope of the "List of Exempt Materials" that cannot be produced or whose performance does not meet the requirements and are directly used for exploration and development operations, are subject to tax-free import quotas. Internally, import tariffs and import value-added tax will be exempted.