China's Tariff Commission and ministries grant import tax breaks for energy and resource exploration during the 15th Five-Year Plan

China's Ministry of Finance, the General Administration of Customs and the State Taxation Administration issued Cai Guan Shui [2026] No. 16, effective January 1, 2026 through December 31, 2030, exempting import duties on equipment, instruments, spare parts and special tools that cannot be produced domestically and are used directly in offshore oil and gas exploration and development, including emergency rescue for offshore oil and gas pipelines. For Sino-foreign cooperative offshore oil and gas projects, including those approved before December 31, 1994, import duties and import-stage VAT are exempt.