China scraps import duties for advanced components

China will drop import tariffs and import-related value-added taxes for a range of advanced components and raw materials for making sophisticated equipments, the Ministry of Finance (MOF) said Friday.Items that will enjoy tax exemption include signal system of high-speed railways, garbage sorting system, solar cells, integrated circuits and manufacturing equipments for flat-panel display, among others.The new rules will take effect starting April 1, 2013.Importers of those components and raw materials should register with customs and taxation authorities for tariff exemption review during April 1 and April 30.Authorities also created a separate list of technological equipment and materials that will be taxed starting from April 1, 2013. The list included electric transmission and transformation equipments and concrete pump trucks.