Xinhuanet Reports on China's Scrapping of Tariffs, Taxes on High Tech Imports
Xinhuanet.com reports on August 3, 2010, that China has scrapped tariffs and value-added taxes on core equipment, components, and raw materials imported and used in civilian high-tech projects since July 15, according to a circular of the Ministry of Finance…
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and other departments.The move seeks to encourage research and development in the nation' s major strategic products, core technologies and major projects, said the circular.The projects that have been exempted from taxation include core electronics, high-end universal chips, basic software, integrated circuit-manufacturing equipment, new generation wireless mobile communication networks, and new drugs for prevention and treatment of some infectious diseases such as AIDS and hepatitis.