China to increase tonnage taxes for large ships beginning Jan. 1
China will raise taxes for larger commercial vessels arriving from overseas as it restructures tariffs to reflect increasing vessel sizes.Ships bigger than 50,000 tons will have to pay 5.3 yuan per ton beginning Jan. 1, the State Council said in a statementposted on its website today. The cost will increase if the levy is paid later than 30 days, Bloomberg reports. The previous top rate was 4.65 yuan for ships larger than 10,000 tons, according to a national policy statement posted on Guangdong Maritime Safety Administration’s website. The tax mechanism was first published in 1952 and amended in 1994, it said.
