General Administration of Customs to Release Administrative Measures for Tax Exemption and Reduction of Imported and Exported Goods

On December 29, 2008, the General Administration of Customs (the "GAC") issued the Administrative Measures for Tax Exemption and Reduction of Imported and Exported Goods (the "Measures"), effective February 1, 2009. The Measures mainly govern the exemption and reduction of duties and other taxes payable at the moment of import and collected by the customs authority on behalf of other tax authorities, as provided by the applicable laws. The Measures provide a complete guideline on how to file and obtain approval of customs-related tax exemptions and reductions. Furthermore, the Measures provide guidelines on how to handle and manage the goods for which customs-related tax exemptions and reductions are applied.

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