The Customs Tariff Commission of the State Council of China decided to adjust the import duty on imported goods according to the website of the Ministry of Finance.
The relevant matters were notified on April 8, 2019 as follows:
The Customs Tariff Commission of the State Council pointed out that since this year, the value-added tax rate on imported goods will be adjusted from 16% and 10% to 13% and 9% since April 1. Since March 1, the import of rare diseases drugs has been Reduced to 3%.
This year’s focus is on reducing the tax rate on consumer goods, and the tax rate for goods classified as Category 1 is reduced from 15% to 13%, a 13% drop. The tax rate for items classified as Category 2 fell from 25% to 20%, a decrease of 20%.
At the same time, the range of drugs taxed at lower tax rates (commodity tax rates) is also expanding.