Ministries define new FTZ's import tax regulations

China's Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly issued a circular defining import tax policies for the China (Shanghai) Pilot Free Trade Zone.

According to the document, a domestic leasing company that is registered in the FTZ, or its subsidiary company, can enjoy certain benefits involving the value-added tax in purchases of overseas aircraft with the approval of China's relevant administrative departments.

The planes must have an inert weight above 25 tons and be leased to domestic airlines.