Reduction of import tariffs on some commodities

Reduction of import tariffs on some commodities

On September 30, the State Council Customs Tariff Commission issued the "Announcement on Reducing Import Tariffs for Certain Commodities" and decided to reduce the MFN tariff rate for some commodities from November 1, 2018. Which goods are tax deductible? According to the announcement, there are 1585 tax items for tax-deductible goods, accounting for about 19% of the total number of tax items in China. The average tax rate has dropped from 10.5% to 7.8%, with an average reduction of 26%. The tax reduction mainly involves textiles, precious stones, jade, glass products, non-electric household appliances parts, and some steel products.