China Adjusts Import Tariffs on Key Technological Components

China's Ministry of Finance announced on July 15, 2011 that the country has adjusted tariffs on imports of core components and raw materials used to build sophisticated technological equipment.

Import tariffs and import-related value-added taxes (VAT) will be scrapped on key components and raw materials that are used to build third-generation nuclear power-generating units. The adjustment came into effect on Jan. 1, 2010.

Import tariffs and import-related VATs on key components and raw materials used to produce oil refinery equipment, natural gas transmission pipelines and ships will also be removed. This adjustment became effective on July 1.

Manufacturers of the equipment specified have until Aug. 15 to register with customs and taxation authorities for a tariff exemption review.