In 2016, China Will Expand The Scope Of Tax Reduction On Consumer Goods Such As Garments And Scarves.

China's Ministry of Finance announced 9 days that it will moderately expand the scope of tax cuts for consumer goods in 2016 to meet the needs of domestic consumption upgrading.

According to the "tariff adjustment plan" issued in 2016, in 2016, China will adopt a provisional tax rate to reduce import tariffs, relatively high import tariffs, and import tariffs on larger commodities, including luggage, clothing, scarves, blankets, vacuum thermos cups, sunglasses and so on.

Due to the high tariffs, some Chinese imports are selling at a much higher price than the origin price, leading to a large number of people going abroad to sweep goods and the purchasing power to drain abroad.

According to incomplete statistics from the Ministry of Commerce, the amount of consumption outside China has exceeded 1 trillion yuan in 2014.

According to the insiders, lowering taxes will help people get more convenient and inexpensive overseas consumer goods, and at the same time, it will cause a certain blow to overseas purchasing industry.

In June this year, China has already cut some of its components.

The import tariff rate of daily consumer goods such as footwear, skin care products, diapers and so on, has fallen by an average of more than 50%.

China has also decided to reduce import tariffs on high-speed electric locomotives, such as traction converters, motor controller assembly for pure electric or hybrid electric vehicles, domestic and imported advanced equipment, key components and energy raw materials, and so on in 2016, so as to increase effective supply and promote independent innovation within the country.

Optimization and upgrading.

In addition, according to the relevant trade or tariff preferential agreement, the 7 agreements on China and Iceland, Switzerland, Costa Rica, Peru, New Zealand Free Trade Agreement, and closer economic partnership arrangement between Mainland and Hong Kong and Macao will be further reduced in 2016.

At the same time, in 2016, China will implement 27 environmental products tax rates of 5% above the tax rate to 5%, mainly including sludge driers, garbage incinerators, solar water heaters, wind turbines and so on.

China is also 2016.

Some of the tax items were adjusted.

After adjustment, the total number of tariff items will increase from 8285 to 8294 in 2016.