China Removes Tax-Free Quotas for Certain Imports

China recently removed tax-free quotas for imports of “key technology equipment,” according to a Jan. 24 report from the Hong Kong Trade Development Council. Under the changes, issued Jan. 13, certain “crucial components and raw materials” for imports used by qualified Chinese companies whose development is supported by the government will be exempt from import duty and import VAT, the report said. The exemptions will also apply to imports of crucial components and raw materials needed by “nuclear power project managers,” HKTDC said.