From November 1 this year, 1585 tax industrial goods and other commodities import tariff rate reduction .
The State Council executive meeting held on September 26 decided to reduce the import tariff rate of 1,585 tax industrial products and other commodities from November 1 this year. Following the 1,449 tax commodities ushered in on July 1, the State Council further reduced taxes on a large scale, 1,585 tax commodities import tariff rates fell, China's total tariff level fell to 7.5 percent from 9.8 percent the previous year.
The State Council executive meeting held the day before yesterday (September 26), import and export enterprises once again see tax cuts, customs clearance facilitation and other benefits.
The meeting pointed out that to cope with the current complex domestic and international situation and maintain stable and healthy economic development, it is necessary to continuously expand domestic demand while firmly expanding opening up, implementing a more proactive opening-up strategy, and creating a fairer, more convenient and more attractive environment for foreign investment.
Deepening the reform of the administration of services, except for the negative list, foreign investment and domestic investment are treated equally, and consistent market access standards for all types of ownership and an investment management system centered on online declaration are implemented. Qualified foreign investment projects will be included in the scope of major construction projects, or according to the application process to accelerate the adjustment of the inclusion of relevant industrial plans, support land, marine review, etc., to speed up the progress of the environmental review, reduce logistics costs, as soon as possible to land the project.
The second to expand the scope of encouragement of foreign investment, foreign reinvestment in the temporary exemption from the expected income tax policy applicable from the encouragement of foreign investment projects to expand to all non-prohibited projects and areas.
Thirdly, we should vigorously protect intellectual property rights and further standardize the government's supervision and enforcement behavior.
Speeding up the process of customs clearance facilitation
By November 1 this year, the number of supervision certificates requiring import and export inspections will be reduced from 86 to 48 types. Clean up non-compliance fees, by the end of October around the local port charges to the community to publish a list of local charges catalog, no charges outside the list. Promote the reduction of compliance costs, container import and export links within the year than last year to reduce compliance costs of more than 100 U.S. dollars, coastal ports even more substantial reduction. The relevant departments must jointly supervise and monitor.
Reduce import tariffs on 1585 tax items
The meeting decided to adapt to industrial upgrading, reduce enterprise costs and public multi-level consumption and other needs, from November 1 this year to reduce the import tariff rate of 1585 tax industrial products and other commodities.
Part of the domestic market demand for engineering machinery, instruments and meters and other electromechanical equipment, the average tax rate from 12.2% to 8.8%, textiles, building materials and other commodities, the average tax rate from 11.5% to 8.4%, paper products and other resource commodities and primary processing commodities, the average tax rate from 6.6% to 5.4%, the same kind of tax cuts or similar commodities. So far, the tariff reduction measures announced so far this year are expected to reduce the tax burden on enterprises and consumers by about 60 billion yuan, and China's total tariff level will drop to 7.5 percent from 9.8 percent last year.
Sixth tariff cut in three years
By the count, this is the sixth time in the past three years that China has reduced import tariffs.
From June 1, 2015, China reduced import tariffs on 14 items of goods such as skin care products, woolen garments, shoes and boots, and diapers
From Jan. 1, 2016, China reduced import tariffs on 16 items of goods such as some packages and garments, scarves, blankets, and sunglasses
From Jan. 1, 2017, tuna, Arctic shrimp, cranberry lingonberries and other specialty food products and cultural consumer goods such as the originals of carvings*** Reduced import tariffs on 16 items
From December 1, 2017, China reduced import tariffs on 187 items of daily-use consumer goods, covering food products, health food, medicines, daily chemicals, clothes, shoes, hats, household equipment, culture and entertainment, and miscellaneous general merchandise stores .
On May 30, 2018, the State Council executive meeting determined that import tariffs on daily-use consumer goods have been further reduced since July 1 this year . The Customs Tariff Commission of the State Council issued an announcement on May 31, clarifying that the tariff reduction involves 1,449 tax items. The scope of the reduction basically covers all aspects of people's daily consumption.
The State Council is now pushing ahead with larger tax cuts involving 1,585 tariff lines, which will bring China's total tariff level down to 7.5 percent. So far, tariff measures have been announced, and it is expected that tax burdens on enterprises and consumers will be reduced by about 60 billion yuan.
Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, pointed out that reducing tariffs and accelerating customs clearance facilitation are two important aspects of China's efforts to achieve a higher level of opening up to the outside world, but also the State Council executive meeting is often the subject of research configuration, last week's State Council executive meeting of the import and export of the overall customs clearance time, the import and export of the supervision of the book to further reduce the one-third reduction in the reduction of customs clearance fees and other configurations .
The total level of tariffs from 9.8% to 7.5% can be said to be a substantial industrial door opening initiatives, both international and domestic trade enterprises, there are practical advantages . Zhang Yansheng said .
Related data
China's imports of electromechanical products in 2017-2018 at a glance in terms of value
2018 China's imports of textiles and apparel and compared with the same period of the previous year
China's imports of paper and board from January to July 2018 in terms of volume and value growth rate .