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April 9, 2019

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Govt lowers tax on range of imports

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 yesterday.

From today, the tax 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 subject to a 3-percent import value-added tax, including anti-cancer drugs and medicines for rare diseases, will enjoy favorable tax rate. The rate on No. 2 items, including some sporting goods, textiles and electronic appliances, will be cut to 20 percent from 25 percent. The move was aimed at expanding imports and boosting domestic consumption.




 

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