NOTICE ON REDUCTION OF CONSOLIDATED INDUSTRIAL AND COMMERCIAL TAXON DAILY-USE MACHINERY, ELECTRICAL APPLIANCES AND ELECTRONIC PRODUCTSPRODUCED BY ENTERPRISE WITH FOREIGN INVESTMENT

NOTICE ON REDUCTION OF CONSOLIDATED INDUSTRIAL AND COMMERCIAL TAXON DAILY-USE MACHINERY, ELECTRICAL APPLIANCES AND ELECTRONIC PRODUCTSPRODUCED BY ENTERPRISE WITH FOREIGN INVESTMENT (Ministry of Finance 19 January 1993, 93 Code Finance and TaxationNo. 003) Whole Doc.

To the tax bureaus of various provinces, autonomous regions and municipalities, the tax bureaus of cities with separate planning, and sub-bureaus of offshore oil tax administrative bureau: In order to accelerate the development of the production of daily-use machinery, electrical appliances and electronic products by enterprise with foreign investment, and embody the principle of fair tax burden and reasonable responsibility, a decision is hereby made after study to reduce consolidated industrial and commercial tax to some daily-use machinery, electrical appliances and electronic products produced by foreign-funded enterprises. The reduced tax rates are as follows: ---------------- Bicycles 10% Electric fans 8% Cameras 7% Tape recorders, playback machines 5% Radios, audio power amplifiers 5% Gramophones 5% Phonerecords 5% ---------------- This Notice goes into effect as of January 1, 1993. If past stipulations are inconsistent with this Notice, the matter shall be handled in accord with this Notice. After unified tax reduction, the various localities shall no longer report to the higher level for approval of tax reduction and exemption from the above-mentioned products.

7% Tape recorders, playback machines 5% Radios, audio power amplifiers 5% Gramophones 5% Phonerecords 5% ---------------- This Notice goes into effect as of January 1, 1993. If past stipulations are inconsistent with this Notice, the matter shall be handled in accord with this Notice. After unified tax reduction, the various localities shall no longer report to the higher level for approval of tax reduction and exemption from the above-mentioned products.