BEIJING, Sept. 4 (Xinhua) -- Chinese authorities issued a circular on Friday, announcing the exemption of import tariffs on certain imported exhibits at the 2020 China International Fair for Trade in Services.
During the trade fair, exhibits within the sales quota of 20,000 U.S. dollars will be exempt from import duties, import value-added tax, and consumption tax, said the circular, jointly issued by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration.
The exemption, approved by the State Council, excludes prohibited imports, endangered animals, plants and their byproducts, as well as cigarettes, wines, and automobiles.
The sales quota of the favorable tax policy on seven items will be subject to further notice, according to the circular.
Exhibits exceeding the sales quota, or unsold exhibits that will not be returned after the trade fair, will not enjoy the preferential policy and will be subject to tax policies, according to the regulations.
The 2020 China International Fair for Trade in Services, held in Beijing from Sept. 4 to Sept. 9, will see over 2,000 offline exhibitors and more than 4,000 online companies showcase their products and services. Enditem