Ningbo Meishan Bonded Area
Approved by the State Council on Feb 24, 2008, Ningbo Meishan Bonded Area is the fifth bonded area in China after Yangshan Bonded Area in Shanghai, Dongjiang Bonded Area in Tianjin, Dayaowan Bonded Area in Dalian and Yangpu Bonded Area in Hainan province. The zone is located on Meishan island, with a prospective development area of 7.7 square kilometers.
Ningbo Meishan Bonded Area offers complete functionality and preferential policies for highly open free trade. The bonded port functions to reduce taxation of domestic and foreign imports and exports, thereby encouraging investment and free-trade. The policies governing the Ningbo Meishan Bonded Area implement similar regulations established for the Yangshan Bonded Area as sanctioned by the State Council.
Foreign goods entering the port zone are free from tariff. Goods leaving the port zone for sale on the domestic market are subject to Customs declaration procedures for the import of goods in line with standard regulations, and as such will be taxed according to the true nature of the goods. Domestic goods entering the bonded area are to be deemed as exports, and as a result are entitled to tax rebates. Also, goods traded among enterprises within the bonded area are exempt from VAT and consumption tax. Such policies are calculated to cut the import/export costs by 5 to 30 percent.
The Meishan Bonded Area began operation in Apri, 2010 .