International Shipping Vessel VAT Refund policy reimburses 24.638 million yuan in Hainan FTP

On December 17, a shipping vessel tax refund of 24.638 million yuan was settled at the Taxation Bureau of Yangpu Economic Development Zone State Administration of Taxation. The tax refund was deposited to the corporate account within 2 hours.

This is the first time a domestically built international shipping vessel tax rebate has been issued in China, marking the official implementation of the Hainan Free Trade Port’s “International Shipping vessel VAT Refund” policy.

Hainan COSCO SHIPPING Energy Transportation Co., Ltd. declared the shipping vessel tax rebate.

The ship purchased by COSCO is a 109,000-ton tanker named “Yuanlan Bay”. The ship was built in China and will be used for international shipping.

Policy Introduction:

On June 1, 2020, the “Overall Plan for the Construction of Hainan Free Trade Port” was officially released.

The plan proposed that domestically built vessels registered in the Yangpu port and are engaged in the international shipping business can benefit from export tax rebates.

On September 3, the Ministry of Finance, the Ministry of Transport, and the State Administration of Taxation jointly issued the “Notice on the Value-Added Tax Policy for International Shipping vessels in the Hainan Free Trade Port”.

The VAT refund policy applies to domestically built ships registered in Yangpu Port and are engaged in international shipping or shipping between Hong Kong, Macao and Taiwan.

On December 2, the State Administration of Taxation issued the “Administrative Measures for Value-Added Tax Refunds for International Shipping vessels”. The measures clarified the specific operational criteria of the Hainan Free Trade Port’s ship tax rebates.

With the continuous development of effective policies, it will further reduce the international shipping costs of domestic companies, promote the development of the Yangpu Port of registry, help shipping companies to open international routes, and enhance the free and convenient level of transportation in the Hainan Free Trade Port.

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