BEIJING — China will halve the urban land use tax for bulk commodity storage of logistics firms from Jan 1 this year to the end of 2022, the Ministry of Finance (MOF) said on March 25.

The decision was jointly made by the MOF and State Taxation Administration to boost the healthy development of the logistics sector, the MOF said in an online statement.

The policy will apply to any storage facility covering more than 6,000 square meters for bulk commodities including agricultural products, agricultural means of production, minerals and industrial raw materials.

The storage facilities eligible for the tax cut include warehouses, oil tanks, freight yards, threshing ground and logistics operation supporting facilities such as special railway lines, docks, roads and loading, and unloading areas.