New policies have been published to support China’s forest industry, including a host of tax relief initiatives, according to the International Tropical Timber Organisation’s latest market report.
The “Key points of China’s forestry industry policies” document has been compiled by several Chinese governmental organisations, including the State Forestry Administration, the Ministry of Commerce and the China Securities Commission, and is designed to further develop the country’s forestry sector.
New policies include an exemption or reduction of income tax on companies involved with agriculture and forestry, a refund of VAT for timber products and exemption of VAT and import tax for machines imported as part of a forestry investment programme.
The Chinese government is also expected to use the policies as a means to encourage companies to look overseas for business opportunities.
