Economy

Favorable import duties for post-quake Yushu

(Xinhua)
Updated: 2010-08-05 14:25

BEIJING - China has reduced duties on imports of construction materials and equipment needed in quake-hit Yushu in northwestern Qinghai province, said the Ministry of Finance on Thursday.

The favorable duties apply to import enterprises in Yushu and those helping with reconstruction in the quake-stricken region. The policy was made effective from April 14 of this year and will expire in three years, the ministry said in a notice put on its website.

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The notice did not offer other details on the policy.

The ministry has also adjusted the local land use tax, corporate and individual income tax to support post-quake reconstruction in Yushu.

Companies, which sign one-year-plus contracts with people who lost their jobs due to the quake, will enjoy an annual tax cut of up to 4,800 yuan ($716.4) for each employee. Small businesses started by people who lost their jobs due to the quake will get a 8000-yuan tax exemption every year, said the ministry.

The 7.1-magnitude quake struck Yushu on April 14, killing more than 2,200 people and flattening thousands of homes.