Tax on cosmetic items may be reduced
Print Edition
CHINESE consumers may pay a lower consumption tax for some cosmetic products after the Ministry of Finance has completed re-categorizing them, local media reported.
The ministry is considering dividing cosmetics into high-end and general cosmetics. The latter may no longer be subject to the current 30 percent consumption tax. The ministry may announce the adjustment during the second half of this year, according to Legal Daily, quoting unnamed sources from the ministry.
The ministry’s information office declined to comment over the phone yesterday.
The 30 percent consumption tax on cosmetics made the overall domestic retail price too high, the report said.
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