The Ministry of Finance (MoF), the Ministry of Commerce (MOFCOM), the General Administration of Customs (GAC) and the State Administration of Taxation (SAT) jointly issued Cai Shui [2011] No. 88 (Circular 88). Circular 88 stipulates the continuation of the relevant import tax exemption on purchases of certain R&D equipment and devices by foreign invested R&D centres and the Value Added Tax (VAT) refund on purchase of domestically-manufactured equipment available for domestic and foreign invested R&D institutions. This exemption was specified in a previous circular, Cai Shui [2009] No.115 (Circular 115). Circular 88‘s effective period is from 1 January 2011 to 31 December 2015.