(Yicai Global) Nov. 2 -- China's finance ministry has brought in preferential tax rates for exhibitors at the upcoming China International Import Expo.

Vendors' deals at the expo, scheduled to start on Nov. 5, will not need to pay import duty or value added tax, and will pay 30% less consumption tax, the ministry said. The move aims to support the success of the CIIE, which is taking place for the first time this year.

The ministry has also adjusted sales caps on goods eligible for tax breaks for 31 international companies taking part in the expo. Companies not on that list will still be able to sell USD20,000 worth of merchandise at the preferential rate.

Contracts that exceed the quota for special rates will be taxed as normal if they are not returned or transported out of the country, the statement added.

Editor: James Boynton