China’s Customs Tariff Commission of the State Council decided to adjust the import tax on imported goods according to the website of the Ministry of Finance.
The relevant matters are notified on 8 April 2019 as follows:
1. The import tax of goods in category 1 and 2 are reduced to 13% and 20% respectively (from 15% and 25%).
2. Notes on “drugs” under Category 1 are revised to “imported drugs that are subject to a reduced-3% value-added tax specified by the state are taxed at the rate of goods.”
3. The above adjustments will be implemented from April 9, 2019.
According to the Customs Tariff Commission of the State Council, the postal tax is an import tax levied on the tariffs of goods carried by individuals, postal goods, import value-added tax, and consumption tax.
To maintain a fair competitive market environment, the tax rate for each type of postal tax should be roughly the same as the comprehensive tax rate for similar imported goods.
The Customs Tariff Commission of the State Council pointed out that since this year, the value-added tax rate for imported goods will be adjusted from 16% and 10% to 13% and 9% since April 1; imports of rare disease drugs have been reduced to 3% since March 1.
The focus of this year is to reduce the tax rate for daily consumer goods, and the tax rate for goods classified as tax category 1 is reduced from 15% to 13%, a 13% drop. The tax rate for items classified under category 2 is decreased from 25% to 20%, a drop of 20%.
At the same time, the scope of drugs taxed at lower tax rates (goods tax rate) is expanded.
This is an article by THE INTELROBOT™
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