China Information

Saturday, December 30, 2006

Some Countries Can Enjoy Agreement Tax Rate, Preferential Tax Rate and Other Preferential Measures

Recently the Ministry of Finance announced that China would adjust the import and export tariff rules from Jan.1st, 2007. The adjustment includes taking some preferential measures such as agreement rate of duty and preferential rate of duty respectively for some countries and part of the import commodities. Next year, agreement rate of duty lower than the MFN rate will be implemented for some commodities imported from ten ASEAN countries, Chile, South Korea, India, Sri Lanka, Bengal, Pakistan, etc. according to the CAFTA, CCFTA, Asia-Pacific Trade Agreement and “Initial Harvest” Arrangement of CPFTA. In addition, from Jan.1st, 2007 the import rate of duty of golf balls, golf instruments and premium watch, which are brought by tourists or mailed to China, will be adjusted from 10% to 30% and the rate of duty for cosmetics will be adjusted from 20% to 50%.

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