China cuts tariffs, taxes to increase domestic ship registry

China cuts tariffs, taxes to increase domestic ship registry The Chinese government is trying to lure Chinese-owned, foreign-flagged vessels to register in Shanghai, Tianjin and Dalian by promising tax breaks, the China Daily recently reported.
   From Sunday, the government has exempted Chinese-owned ships flagged in other nations before the end of 2005 from customs duty and VAT. A Ministry of Communications official said registering more ships in China would enhance the nation's maritime sector and provide for better protection of national interests.
   Imported vessels are levied a 27.53 percent tariff and import VAT, the report said, and so many ship operators chose to register their vessels overseas to cut costs and have an edge in the fiercely competitive market.