New Tax Administration and Support for Large-scale Equipment Independent R&D

In order to create a market environment for domestic equipment that competes fairly with imported products, the Ministry of Finance issued a notice on January 23 to the domestic equipment manufacturing enterprises to develop and manufacture large-scale open-pit mine mechanical shovel shovels and large-scale coal mining equipment. Imported part of key parts and components, raw material import duties and value-added tax on import links shall be collected first, and the corresponding tax exemption policy for complete machines and complete sets of equipment shall be stopped at the same time.
To a certain extent, this policy can reduce the cost pressure of independently researching and developing large-scale domestically-manufactured equipment in a certain period of time, and mining machine and coal mining machine manufacturing enterprises will benefit from this.
Import tariffs on key components
The “Ministry of Finance's Circular on Adjusting the Import Tax Policy for Large Open-pit Mining Machinery Used Shovel Excavators and Their Key Components and Raw Materials” and the “Ministry of Finance's Adjustment on the Import of Raw Materials for Large-scale Coal Mining Equipment and Their Key Components” The "Notice of Tax Policy" (hereinafter referred to as the "Notice") was recently issued to all relevant departments.
The two notices pointed out that with regard to the import declaration time of enterprises, as of January 1, 2007, some key components imported for the development and manufacture of large-scale open-pit mining machinery and shovel shovels and large-scale coal mining equipment have been imported. Import duties and raw material import duties and import value-added tax shall be collected first, and the tax refund shall be treated as national investment and transferred to state capital, which is mainly used for the development of new enterprise products. The notice clearly specifies the specific types and types of excavators and coal mining equipment, such as electric traction shearers, scraper conveyors, scraper loaders, hydraulic supports, lifting equipment, large crushing stations, and so on.
The two notices clarify the conditions and application procedures for companies that enjoy the import tax policy.
In addition, since January of this year, some models of newly approved internal and external investment projects include shovel-type mining excavators, electric haulage shearers, scraper loaders, hydraulic supports, and large-scale crushers. Stations, fixed belt conveyors, etc., will cease to implement the import tax exemption policy.
Mine machine coal machine manufacturing companies benefit
Industry experts stated that China is the world’s largest producer and consumer of coal. However, China's coal machinery manufacturing industry is still at a low level and extensive state. At present, the main conditions of China's coal products are: high-end lack, balance in the middle, more than low-end. Large-scale mines with an annual output of over 5 million tons are almost exclusively monopolized by large foreign companies. One of the most prominent problems in the domestic coal machinery industry is the weak comprehensive production support capabilities and weak market competitiveness. At the same time, due to the lagging development of the coal machinery industry, the performance and reliability of products cannot meet the requirements of high-yield and high-efficiency mines, resulting in enterprises lacking competitiveness in market competition.
The issuance of the two notifications is the implementation of the "Circular on the Import Taxation Policy on Implementing Several Opinions of the State Council on Accelerating the Revitalization of the Equipment Manufacturing Industry" jointly issued by the four ministries and commissions of the Ministry of Finance at the beginning of last year.
Experts believe that Taiyuan Mining Machinery Group is currently the largest coal mining machine R&D and manufacturing base in the country, and it can be said that it is the largest beneficiary of this policy, and other coal machinery manufacturing companies will also benefit to varying degrees.
Ma Dongjun, deputy chief economist of Taiyuan Mining Machinery Group, told the China Industry News that Taizhou mine imports about 15% of parts and components every year, such as bearings and electrical switches, and directly purchases parts and components worth 12 million yuan. At present, too mine has not received official documents, so it can only be roughly estimated. After the implementation of this policy, the group can save more than 5 million yuan each year.
Ma Dongjun believes that this policy may not benefit the user companies, but because the major coal mining group has coal mining machine manufacturing companies, it does not rule out the possibility of user companies importing key components through subordinate coal mining machine manufacturing companies.
Wu Dezheng, general manager of Tiandi Technology Co., Ltd., said that Tiandi Technology does not have many imported parts and components. Coal production companies, such as those previously purchased by Shenhua Group, may need to replace parts and components. Therefore, for coal mining machine users, the import tax rebates for coal-fired machines will also benefit them.
Senior industry insiders told the China Industry News that the major domestic coal machine parts manufacturers and foreign parts and components companies have now formed a complementary market. Some key components such as bearings, although the price of imported similar products is 2 to 3 times more expensive, but because of the stable quality, the major domestic coal mining machine manufacturers will still choose foreign products. While general parts and components are inexpensive, coal-fired machine manufacturers prefer domestic products. "For domestic coal machinery parts manufacturers, because products cannot be replaced with each other, I am afraid it will not be directly affected, but it may also result in a natural elimination."

Application: sarchitectural decoration, luxury doors, elevators decorating, metal tank shell, ship building, decorated inside the train, as well as outdoor works, advertising nameplate, the ceiling and cabinets, aisle panels, screen, the tunnel project, hotels, guest houses, entertainment place, kitchen equipment, light industrial and others

Stainless Steel Decorative Sheets

Ss Decorative Sheets,Stainless Steel Decorative Panels,Decorative Stainless Steel Sheet,Stainless Steel Decorative Sheets

Foshan Sunsteel Co. , Ltd , https://www.fssunsteel.com

Posted on