China Cuts Tax Rates On Inbound Consumer Goods

China will lower the tax rates on a range of goods brought or mailed by individuals into the country, including food, medicines, textiles and information technology products, the Customs Tariff Commission of the State Council announced Monday.

 

Starting Tuesday, the tax rate on inbound articles included on the No.1 taxable item list, which includes books, computers, food, furniture and medicines, will be reduced to 13 percent from the previous 15 percent, the commission said in an online statement.

 

Some medicines that are currently subject to a three-percent import value-added tax rate, including anti-cancer drugs and medicines for rare diseases, will enjoy favorable tax rate.

 

The tax rate on No. 2 taxable items, including some sporting goods, textiles, electronic appliances and bicycles, will be lowered to 20 percent from the previous 25 percent, it said.

 

The move was aimed at expanding imports and boosting domestic consumption, with tax rates lowered for many daily consumer goods, the commission said.

 

Source(s): Xinhua News Agency