Innovative Model on Price Appraisal Piloted in Yueyang Area Hunan FTZ

On the occasion of the first anniversary of the establishment of the Hunan Pilot Free Trade Zone, the "Innovative Model on Price Appraisal for Inland Water Freight of Imported Transit Goods Not Counted in Dutiable Value" has been authorized by the General Administration of Customs. It will be piloted in Yueyang area of ​​the Hunan Pilot Free Trade Zone.

The Changsha Customs and other departments conducted field investigations in Yueyang area, introduced third-party accounting firms to calculate data, and scientifically distinguished the international and domestic freights of imported transit goods.

In this way, the domestic freight of imported goods arriving in China can be deducted from the dutiable value, which reduces import tax basis and enterprises’ burden.

"This is an independent innovation of the Changsha Customs, and it is Hunan's first national-level pilot case," said Li Quan, director of Changsha Customs and secretary of the CPC Changsha Customs Committee.

This innovative measure is applicable to containers, and bulk cargo transportation. In terms of the annual import of 300,000 tons of meat in Chenglingji Port, it will reduce more than 12 million yuan of cost for enterprises. In terms of imported bulk grain, it can reduce more than 14 million yuan for enterprises.

Li Quan introduced that this innovative system will accelerate the building of Yueyang into a distribution center for imported goods in the middle reaches of the Yangtze River and a comprehensive shipping logistics center, and give full play to the advantages of the "golden waterway" of the Yangtze River. These experience can be promoted to other categories, other inland regions, and modes of transportation such as China-Europe Railway Express.

Translator: Xiao Juan

Chinese source: hunan.gov.cn