ROCO engages in imports of cereals of oils. [Photo/ROCO]

A shipment of non-GMO soybeans imported by Jiangsu River & Ocean Cereals and Oils Group (ROCO) recently cleared customs under the supervision of Rugao Customs. The shipment, transported from Benin to Shanghai Yangshan Port, was then transferred via inland waterway to Rugao Port, with a total inland waterway freight cost of 11,200 yuan ($1,571) deducted from the dutiable value of the goods.

Since Rugao implemented the inland waterway freight deduction policy in July last year, this initiative has reduced taxes by approximately 1 million yuan for local importers.

Inland waterway freight refers to the transportation and related costs incurred when goods imported by sea are further transported within China via water routes after being unloaded at the initial point of entry. According to customs regulations, domestic transportation costs can be excluded from the dutiable value of imported goods.

Typically, imported goods transported by water are unloaded in Shanghai before being carried by Yangtze River cargo ships to Rugao Port for final delivery. Eligible enterprises can thus benefit from a deduction of inland waterway freight from the dutiable value of the goods.

To assist foreign trade enterprises in fully utilizing the benefits of the preferential policy, Rugao Customs has continuously increased its efforts in policy promotion. The number of companies benefiting from this policy has grown from six in 2023 to 16 currently, with five new beneficiaries added in July alone. From January to July this year, the initiative has saved companies more than 600,000 yuan in taxes.