Ministry Of Commerce: Import Tariff Or Down 50% Of Garment Import In January 1, 2016

In December 9th,

The website has announced that in order to comprehensively consider and comprehensively utilize two domestic and international markets and two kinds of resources, support the pformation and upgrading of industries, promote the pformation of foreign trade development mode and promote sustained and healthy development of the economy, the State Council's tariff Tariff Commission will consider it and submit it to the State Council for approval. Since January 1, 2016, China will partly adjust its import and export duties.

The Ministry of finance has suggested that, in the aspect of consumer goods, which is of great concern to consumers, the scope of tax reduction will be moderately expanded in 2016, with a provisional tax rate reducing import tariffs on goods with relatively high import tariff rates, larger imports of luggage, clothing, scarves, blankets, vacuum thermos cups and sunglasses.

Zhao Ping, deputy director of the Consumer Economics Research Department of the Ministry of Commerce, told the surging news that the next year's tariff reduction will be consistent with the previous one. The average decline is expected to exceed 50%. "After all, this is consistent with the tax reduction in June this year, all based on the State Council's previous policy of lowering tariffs."

In the first half of this year, Chinese people were in the first half of the year.

Buying and selling information has been widely concerned. Attracting consumer reflow has been put on the agenda of decision makers.

At a State Council executive meeting held in April, Premier Li Keqiang personally called for the policy of lowering customs tariffs before the end of June this year.

In June 1st, import tariff rates were adjusted for many categories of consumer goods, including clothing, footwear, skin care products and diapers, with an average decline of more than 50%.

Import tariffs on suits and fur clothing will be reduced from 14-23% to 7-10%, import tariffs on boots, sports shoes and so on will be reduced from 12% to 22-24%, import diapers for diapers will be reduced from 7.5% to 2%, and import tariffs on skin care products will be reduced by 5% from 5%.

This has also become a model for reducing tariff rate in the eyes of experts.

In the commodity category announced by the Ministry of finance, the current most favored nation import tariff rate of goods such as bags, garments, scarves, blankets, vacuum thermos cups, sunglasses and so on is generally 10%-24%.

Among them, the import duty rate of sunglasses is 20%, vacuum thermos cups are 18% and 24%, scarves and blankets are 10%-16%, and bags are 10%-20%.

According to the material quality, the tax rate is also different.

For example, the duty rate of plastic or imitation materials is 20%, and that of non endangered wild animal leather or recycled leather is 10%.

The MFN import tariff rate for these commodities is expected to be reduced to 5%-12% by 50%.

This can not be said to be small, but ultimately, the extent to which such profits can be made to consumers will depend on the decision of the businessmen.

In the previous round of cosmetic tax cuts, insiders said that tariffs did not account for a large proportion of the cost of goods. Cosmetics had been raising prices year after year, as well as the cost of market input, plus 17% of value-added tax had not been lowered.

Zhao Ping also said that tariffs accounted for a relatively low share of the retail price of consumer goods, but the policy of lowering taxes was still meaningful. "Let enterprises have the power to reduce retail prices, reduce import costs, and secondly, reflect the country's policy guidance, encourage and guide enterprises to reduce the prices of consumer goods."

She predicts that next year China will continue to expand the categories of tax cuts, and encourage business models with less circulation, such as Oteri J and cross-border electricity providers.