China Tax Commission: From January 1 next year, 883 items will be subject to temporary import tariff rates lower than the most-favored-nation tariff rate

China Tax Commission: From January 1 next year, 883 items will be subject to temporary import tariff rates lower than the most-favored-nation tariff rate

Reuters, Beijing, December 23-The Customs Tariff Commission of the State Council of China issued a notice on the tariff adjustment plan for 2021 on Wednesday, imposing provisional import tariff rates on 883 items from January 1 next year; From July 1st, the temporary import tariff rates for nine information technology products will be cancelled. In 2021, some tax rules and tax items were also adjusted. The total number of tax items after adjustment is 8,580.

The 2021 tariff adjustment plan published on the official website of the Ministry of Finance stated that from January 1, 2021, the treaty tax rates for bilateral trade agreements and Asia-Pacific trade agreements between China and New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, Chile, Georgia, and Pakistan have been further reduced. (Source: Reuters)