Ministry of Finance, General Administration of Customs and State Administration of Taxation has jointly issued an announcement about tax incentives for ships of flag of convenience.

In the announcement, it is speculated that those Chinese-invested (Chinese fund over 50% of ship value) age-and-technical-qualified ships of flag of convenience, which registered overseas before December 31th 2005, will be exempted from tariff and value-added tax in import declaration from July 2011 to December 2005.

According to the announcement, beneficiary import ship types include: 4-12 years old oil tankers, chemical tanker and LNG carriers; 6-18 years old bulkers and ore carriers; 9-20 years old containerships, general cargo vessels, MPVs, LPG carriers and bulk cement carriers. (The above mentions vessel age refers to the period from the built day to July 1^st 2007.)