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Wuhan plans application for Yangluo Free Trade Zone

24 April 2013
Wuhan Port New Authorities, representing Hubei provincial government, are speeding up their efforts to apply for Free Trade Zone status for Yangluo terminals. Last week, Zhang Lin, director of Wuhan Port New Authorities, led a fact-finding mission to Shenzhen and Shanghai Yangshan as part of its preparation to submit a development plan to the State Council.

The status, once approved, will mean that overseas-bound goods entering the zone will be treated as exports, thereby allowing manufacturers to claim a tax rebate; inbound goods entering the zone will not be treated as imports, thereby not incurring import tax, until the time of exit. In addition, companies within the zone can trade with each other without incurring taxes.

Sources inside the port authorities are confident that the application process will be completed within the next 12-18 months.

     
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