Import Data News
- China looks at lowering taxes on import and leasing of aircraft
Date: 24-Oct-2007 Sources: (Xinhua Online)
The Chinese government is considering cutting taxes on the import and leasing of aircraft to bring the country into line with international standards, according to a senior official with the Civil Aviation Administration of China (CAAC).
'China's tax on the import and leasing of aircraft is higher than most countries in Europe and the U.S.. Many European countries, such as Germany and UK, levy no taxes on aircraft imports, so we are considering cutting the tax,' Sha Hongjiang, CAAC vice director of planning and development Department, said on Wednesday.
Tariffs and value added tax on aircraft imports ranged from 5.04 to 22.85 percent. Buyers must pay 5.04 percent of the price of an aircraft with a deadweight of more than 25 tons and 22.85 percent below 25 tons.
The withholding tax on aircraft leasing ranged from seven to ten percent of hire charges, while the value added tax on aviation materials was 17 percent, said Sha, without giving details on the tax cut plan.
Sha made the remarks at the ongoing China Aviation Congress 2007, which has the theme 'Bringing innovation to China's aviation industry'.
By the end of September, the total number of commercial aircraft in China was 1,099.
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