China announced on April 20 that it will remove import tariffs on goods that are used for teaching, scientific research, and technological development to support domestic innovation.

According to the document that was issued by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration, the policy will be in effect till Dec 31, 2025.

Scientific research institutes, academic institutions, and libraries that meet certain requirements will be exempted from tariffs, value-added tax, as well as consumption tax when they import goods that are not accessible in China for research and development usages.

Imported publications that are provided to these academic bodies for scientific research or educational purposes are exempted from value-added tax.

A list of items that are subject to tariff reductions is expected to be released later and will be adjusted in due course.

Source: chinanews.com, chinadaily.com.cn