A piece of amber imported by Hainan-based Yulinglong Jewelry from Ukraine cleared customs at Yangpu Bonded Port Area with tariff exemption on Aug 6, and recently, it has been approved to leave Yangpu and enter the mainland jewelry market after being processed.
The amber was made into more than 300 pieces of pendants after being processed in the Hainan Free Trade Port, and under the Hainan FTP policies, they are exempted from paying import taxes.
This is the first batch of high-end tourism consumption products in Yangpu that has benefited from tax exemption after being processing with an added value.
"To enable us to enjoy the Hainan FTP policies, various government departments and the Yangpu Customs took the initiative to provide us services," said He Junxin, general manager of Yulinglong Jewelry.
The products' successful export was also a result of the coordination services of various departments at the provincial and district levels, He added, noting that Yangpu Customs had arranged special personnel to guide the company to submit materials and cut the red tape.
The master plan for the construction of the Hainan FTP clarifies that "goods produced by enterprises in encouraged industries that either do not contain imported materials or which contain imported materials, but whose added value after processing in Hainan is equal or greater than 30 percent may enter the mainland without having to pay import duties, import value-added tax or consumption tax.
The Hetian jade and amber processing project launched by Hainan Yulinglong Jewelry is located in an industrial park for the high-end tourism consumption goods manufacturing in Yangpu. It uses imported raw materials to make beads, pendants, gold, and silver inlaid products.
"When choosing the location for our factory, Yangpu stands out among others because of the tariff-free policy, said He. His company plans to introduce downstream cooperative enterprises to Yangpu to carry out integrated production, processing, and sales, providing Hainan people and tourists with high-quality jewelry at low prices.
According to Zhang Zhe, executive vice president of Yangpu International, many other projects including Sinopharm's big health project, a high-end seafood project by Luqiao Holdings, and the plant beef and mutton processing plant by Dazhuangyuan are being constructed and will also enjoy the tariff exemption policies after becoming operational.
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