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| Withholding Income Tax | | | 2005-03-28 10:32:28 | Any foreign enterprises that have no establishment in China but derive profits, interest, rent, royalties or other income from sources in Ningbo, may pay the income tax at the reduced rate of 10%, except for the exemption of the income tax prescribed by law. Those that provide advanced technology, or supply capital or equipment with preferential terms, may enjoy income tax exemption or reduction upon approval of the competent departments.
Income Tax with Remittance
Profits gained by the foreign investors from the enterprises shall be exempted from income tax when they are remitted out of China.
Customs Duties
The customs duties and import-related value-added tax are exempted on the equipment imported for self-use (except for those stipulated in "the Catalogue of Imported Commodities not Entitled for Tariff Exemption" when the equipment is imported by foreign investors in accordance with "the Encouraged Foreign Investment Industries and Restricted Foreign Investment Industries (B) of the Catalogue for the Guidance of Foreign Investment Industries (promulgated on 1, April, 2002)".
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