Fiscal Tariff 2008 [32] Provinces, autonomous regions, and municipalities directly under the Central Government, Finance Bureaus of cities under separate planning, the Finance Bureau of the Xinjiang Production and Construction Corps, as well as Financial Ombudsman Offices under the Ministry of Finance in provinces, autonomous regions, and municipalities directly under the Central Government: I. Based on the "Notice from the State Administration of Taxation of the Ministry of Finance of the People's Republic of China on Implementing the State Council's Measures to Accelerate the Revitalization of the Equipment Manufacturing Industry Regarding Import Tax Policy" (Finance Tariff [2007] No. 11), starting from January 1, 2008 (based on the import declaration date), import duties and import value-added tax paid by domestic enterprises for importing key components used in the development and manufacturing of large-scale, precision, high-speed numerical control equipment and functional parts will be subject to a tax refund policy. The refunded taxes will be treated as national investment and converted into state capital, primarily used for product innovation and enhancing independent research and development capabilities within enterprises. II. The large-scale, precision, and high-speed numerical control equipment referred to in Article I includes vertical or horizontal machining centers, gantry machining centers (including gantry boring and milling machines), CNC lathes (including turning centers), heavy-duty CNC horizontal lathes (including turning centers), large CNC vertical lathes (including turning centers), CNC milling and boring machines (including milling and machining centers), CNC gear hobbing machines, CNC gear shaping machines, CNC gear shaving machines, CNC gear grinding machines, numerically controlled closed mechanical presses, large multi-station presses, CNC laser cutting and laminating machines, CNC falling wheel lathes, and flexible manufacturing systems. Functional components include numerical control devices, high-speed electric axes (for machining centers), CNC tool holders, CNC rotary tables, ball screws, linear rolling guides, and automatic tool changers. Detailed technical specifications are listed in the annex. III. Companies applying for the import tax policy must meet the following conditions: 1. Possess the capability to design prototypes for large-scale, precision, high-speed numerical control equipment and its functional components. 2. Have a complete team of professional technical staff. 3. Demonstrate strong absorption and manufacturing capabilities. 4. Have a clear market with a substantial user base. 5. Annual sales of numerical control equipment or functional components should generally exceed 100 units/sets; during the initial phase of development, this requirement may be adjusted accordingly. Sales of heavy-duty and ultra-precision CNC equipment are not subject to this limit. IV. The list of imported parts and components eligible for the tax refund policy is detailed in the appendix. In the future, the list will be revised based on company applications, policy implementation, and domestic support capabilities. V. Enterprises that meet the criteria outlined in Article II may apply for tax refund procedures according to the provisions of Finance Tariff [2007] No. 11 when importing key parts and components listed in the annex. VI. Starting May 1, 2008, newly approved foreign investment projects that fall under the “Encouraged Category” of the “Catalogue for Guidance on Foreign Investment Industries” will be entitled to import tax exemptions for self-use machinery listed in the tenth category (1), (2), and (3) of general equipment and pressure forming machinery, within the total investment amount, as specified in the "Catalogue of Imported Goods Not Exempt from Tax for Domestic Investment Projects (Revised in 2006)" (Announcement No. 2 of 2007 of the Ministry of Finance). These items will continue to enjoy exemption from import value-added tax. Projects approved before May 1, 2008, that qualify for the "Notice of the State Council on Adjusting the Taxation Policy on Imported Equipment" (Gufa [1997] No. 37) will still follow previous regulations for imported self-use equipment until November 1, 2008. After that date, import duties will be applied, but import VAT will remain exempt. The non-priced imported equipment provided by advantageous foreign-invested industries, foreign government loan projects, and international financial organization loan projects will be subject to the above regulations.

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