Tariffs for nuts, drug raw material lowered
Print Edition
CHINA has lowered import tariffs for some nuts and a raw material to make cholesterol drugs, helping consumers buy these imported products more cheaply, Shanghai Customs said yesterday.
Meanwhile, companies making some types of medical instruments are now able to claim higher refund of export tariffs.
The import tariff for pecan nuts was more than halved from 24 percent to 10 percent, and that for macadamia nuts fell from 24 percent to 19 percent. Lowering tariffs on imported nuts will help lower prices, boost consumption and development of the food industry, customs said.
The tariff for a major substance for making cholesterol drugs was cut from 6.5 percent to 4 percent, Customs added.
Cholesterol drug companies could also benefit from lower tariffs as production costs could be cut by about 12 percent.
Meanwhile, companies making vascular stents are now able to claim 17 percent refund of the export tariff, up from 15 percent.
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