Shanghai extends tax breaks for shipping firms

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Shanghai: Furthering the city’s aim to be an international maritime city, as stipulated by central government, Shanghai has said it will extend the  tax break for foreign-registered ships until June 30, 2011.
The Yangshan Port will also allow shipping companies registered there to be exempt from business tax meted on their international shipping revenue. The exemption also includes tax from revenues of logistics companies and warehouse operators.
Registered companies will be allowed to open offshore bank accounts in addition to taking out the business tax for transport companies located in the port.
“We’ll carry out research together with the city government concerning tax exemption and the setting up of a modern transportation system,” an official with the Committee of Shanghai Urban Construction & Communications told Shanghai Daily.
Further details of the tax exemption will be released later this year.
“The development of Shanghai port can no longer be merely dependent on increasing throughput and the trial zone will provide a platform for port operators as well as shipping companies to develop new business,” added Chen Xuyuan, president of Shanghai International Port Co Ltd. [13/05/09]