China gives carriers, airlines tax exemption
The Chinese government has introduced a tax exemption for transportation companies aimed at helping them recover from a slump in demand last year, Bloomberg reported Monday.
The exemption will aid shipping lines and airlines, as it exempts the companies from paying business tax on international services. Both cargo and passengers services are eligible for the exemption, according to the report.
The China COSCO Group, the state-owned parent of liner carrier COSCO Container Lines, said the exemption would save the group about $6 million. Air China, the state-owned national carrier, said it would save about $80 million.