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China Cuts Import Duties on Reconstruction Materials for Quake-hit Yushu

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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.

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 (about US$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.

(Xinhua News Agency August 5, 2010)

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