China's Tonnage Tax Law to take effect from July 1 of 2018

On December 27th, the 31st Conference of the 12th NPC Standing Committee held a closing session, which passed the Tonnage Tax Law by votes.

It is reported that the Tonnage Tax Law stipulates that ships entering the domestic port from overseas ports shall pay the tax and the taxation will be charged by the Customs on basis of the net tonnage of the ship multiplying the applicable tax rate.

The Tonnage Tax Law has the preferential tax rate and the ordinary tax rate. As for taxable ships with a nationality of the People's Republic of China and those in agreement or terms of preferential tax rate with China, the preferential tax rate is applicable; as for other ships, the ordinary tax rate is applicable.Asian Metal Copyright The Tonnage Tax Law has the preferential tax rate and the ordinary tax rate.Asian Metal Copyright In addition, the tonnage tax is exempt from trawlers, fishing boats, police ships and other ships.
.Asian Metal Copyright It is reported that the Tonnage Tax Law stipulates that ships entering the domestic port from overseas ports shall pay the tax and the taxation will be charged by the Customs on basis of the net tonnage of the ship multiplying the applicable tax rate.Asian Metal Copyright