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	CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION CONCERNING THE IMPORT TAX POLICY FOR INTEGRATE CIRCUIT PRODUCTS DESIGNED DOMESTICALLY AND WAFER FOUNDRY AND PROCESSED OVERSEAS

	(No.40 [2002] of the Ministry of Finance and the State Administration of Taxation promulgated on October 25, 2002 and implemented as of July 1, 2000)


SUBJECT : INTEGRATE CIRCUIT PRODUCTS; DESIGNED DOMESTICALLY BUT PROCESSED OVERSEAS
ISSUING DEPARTMENT : MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA, STATE ADMINISTRATION OF TAXATION
ISSUE DATE : 10/25/2002
IMPLEMENT DATE : 07/01/2000
LENGTH : 282 words
TEXT :

In accordance with the relevant provisions of the Notice of the State Council on Printing and Distributing the Several Policies on Encouraging the Development of Software Industry and Integrate Circuit Industry (No.18 [2000] of the State Council) and the Reply of the State Council on Further Improving the Relevant Policies on the Development of Software Industry and Integrate Circuit Industry (Letter No.51 [2001] of the State Council), the following circular is hereby made concerning the import value-added-tax on integrate circuit products (IC products) designed domestically with independent intellectual property right and going abroad for wafer foundry and processing:

I. Where IC products, designed domestically with independent intellectual property right, go abroad for wafer foundry and processing because such process can¡¯t be handled domestically, the import value-added-tax thereof exceeding 6% shall be refunded upon collection.

II. IC products that are designed domestically with independent intellectual property right and that can¡¯t be produced domestically shall be recognized by the Ministry of Information Industry and be put on record with the State Development Planning Commission. The relevant enterprises shall, after their products are recognized, directly go through the formalities for tax refund upon collection with the customs. The respective measures for recognition and for customs operations shall be formulated separately by the Ministry of Information Industry and the General Administration of Customs.

III. The Ministry of Information Industry shall circulate the recognition of qualified IC products to the Ministry of Finance, the State Development Planning Commission and the State Administration of Taxation; the General Administration of Customs shall circulate the actual import amount and quantity entitled to that policy to the Ministry of Finance.

IV. This Notice shall come into force as of July 1, 2000.