Preferential VAT tax policy implemented in Yangshan bonded zone
Shanghai Integrated Logistics Management Co Ltd – a company based in the Yangshan Special Comprehensive Bonded Zone, under the jurisdiction of the Lin-gang taxation administration – recently obtained the first invoice for value-added tax exemptions for logistics and storage services in the area.
This marked the official implementation of a preferential VAT tax policy, being rolled out to promote the development of logistics and storage enterprises in the Yangshan bonded zone -- located in the Lin-gang Special Area of East China's Shanghai.
The company became the first business to enjoy the VAT exemption policy and issued invoices for VAT exemptions totaling 1.95 million yuan ($ 301,470) in the month of February, reducing its tax burden by 110,000 yuan.
To effectively implement the new tax policy, the Lin-gang taxation administration ran a publicity campaign and issued leaflets with explanations. The effectiveness of the policy promotion was boosted through the use of an appointed publicity team and by using established communications channels.
After a preliminary selection, 22 enterprises in the bonded zone are set to enjoy the VAT exemption, with an estimated annual exemption of more than 50 million yuan.
Moreover, the Lin-gang taxation administration will continue to track the effects of the policy, to ensure that all eligible businesses can benefit from VAT exemptions.
Shanghai Integrated Logistics Management Co Ltd obtains the first invoice of VAT exemption for logistics and storage enterprises. [Photo/WeChat account: shlgguanweihui]
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