Two Ministries: Ocean Mining Imported Instruments Exempt from Import Taxes

The Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation issued a notice in the near future that the projects for oil (natural gas) extraction in the oceans of China from January 1, 2011 to December 31, 2015 cannot be produced or imported at home. The equipment, instruments, spare parts, and special tools that cannot meet the requirements and are directly used for mining operations shall be exempted from import duties and import value-added tax within the specified tax-free import quota.

The so-called "ocean" refers to the inner sea, territorial sea, continental shelf, and other marine resources under the jurisdiction of China (including shallow beach).