In order to actively expand imports, stimulate import potential and optimize the import structure

Views:13     Author:Site Editor     Publish Time: 2019-12-24      Origin:Site

   In order to actively expand imports, stimulate import potential and optimize the import structure, starting from January 1, 2020, China will implement tentative import tax rates for more than 850 commodities below the MFN tariff rate.

 

    Among them, in order to better meet the needs of people's lives, a moderate increase in imports of domestic consumer goods that are relatively in short supply or have foreign characteristics, and increase or decrease the temporary tax rate on imports of frozen pork, frozen avocados, and non-frozen orange juice;

 

    In order to reduce the cost of medication and promote the production of new drugs, zero-tariffs are applied to alkaloids used to treat asthma and raw materials for the production of new drugs for the treatment of diabetes;

 

     In order to expand the import of advanced technology, equipment and parts and support the development of high-tech industries, new or reduced semiconductor testing and sorting tape makers, high-pressure turbine gap control valves, torque converters for automatic transmissions, aluminum spools, and ferroniobium , Multi-component integrated circuit memory, raw materials for large-scale film, dispersion liquid for photoresist, culture medium, etc.

 

      In order to encourage domestic demand for the import of resource-based products, new or reduced provisional tax rates for some timber and paper products imports.

In order to promote the coordinated development of trade and the environment, in accordance with the State Council ’s comprehensive prohibition on the import of solid wastes that are harmful to the environment and the masses strongly reflect the solidarity, it is in line with the adjustment of the import waste management catalogue. From January 1, 2020, tungsten waste is eliminated. Scrap materials and niobium waste and scrap materials are tentatively taxed on imports, and the most-favoured-nation tax rate will be resumed.


     In order to promote the high-quality development of the “Belt and Road”, build a global network of high-standard free trade zones, and implement a mutually beneficial and win-win open strategy, according to the free trade agreements or preferential trade arrangements signed by China and relevant countries or regions, 2020 China will continue to implement the agreed tax rates on some commodities originating in 23 countries or regions.

Among them, China and New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile, Pakistan and the Asia-Pacific Trade Agreement have further reduced taxes.


      In 2020, continue to implement preferential tax rates for the least developed countries that have established diplomatic relations with China and completed exchange procedures, and adjust the applicable countries for preferential tax rates in accordance with the United Nations list of least developed countries and China's transitional arrangements.

        From July 1, 2020, China will also implement the fifth step of tax reduction on the 176 information technology products' most-favored nation tax rates, and at the same time, adjust the provisional tax rates on some of these information technology products accordingly.


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