China Will Continue To Expand Tax Reduction Next Year.

In December 9th, the Ministry of Finance issued a website to consider and make comprehensive use of two international and domestic issues. market Two resources will support the transformation and upgrading of industries, promote the transformation of foreign trade development mode, and promote sustained and healthy development of the economy. After deliberation by the State Council Tariff Commission and submitted to the State Council for approval, China will partly adjust its import and export duties since January 1, 2016, and a new round of tariff reduction policies will be released.

In terms of consumer goods, which is of great concern to consumers, the Ministry of finance has proposed that in 2016, the scope of tax reduction will be moderately expanded, and the bags with relatively high import tariff rates and large import demand elasticity will be reduced with a provisional tax rate. clothing Import duties of goods such as scarves, blankets, vacuum thermos cups, sunglasses and so on.

Zhao Ping, deputy director of the Consumer Economics Research Institute of the Ministry of Commerce, told reporters that the next year's tariff reduction will continue to be consistent with the previous one. The average decline is expected to exceed 50%. "After all, this is consistent with the tax reduction in June this year, all based on the State Council's previous policy of lowering tariffs on Taiwan."

　　 Tax reduction is not small.

In the first half of this year, the information of buying and selling abroad was widely concerned, and attracting consumption reflux was put on the agenda of the decision-making level. At a State Council executive meeting held in April, Premier Li Keqiang personally called for the policy of lowering customs tariffs before the end of June this year.

June 1st, including some clothing, Shoes and boots The import tariff rate of many kinds of daily consumer goods, including skin care products and diapers, has been reduced by an average of more than 50%. Import tariffs on suits and fur clothing will be reduced from 14% to 23% to 7% to 10%. The import duties of boots and sneakers will be reduced from 22% to 24%. The import tariff of diapers will be reduced from 7.5% to 2%, and the import duty of skin care products will be reduced from 5% to 2%.

This has also become a model for reducing tariff rate in the eyes of experts.

In the commodity category announced by the Ministry of finance, the current most favored nation import tariff rate of goods such as bags, garments, scarves, blankets, vacuum thermos cups, sunglasses and so on is generally between 10% and 24%. Among them, the import duty rate of sunglasses is 20%, vacuum insulation cups are 18% and 24%, scarves and blankets are 10% to 16%, and bags are 10% to 20%. According to the material quality, the tax rate is also different. For example, the duty rate of plastic or imitation materials is 20%, and that of non endangered wild animal leather or recycled leather is 10%.

According to the 50% reduction ratio, the MFN import tariff rate of these commodities is expected to be reduced to 5% to 12%.

　　 Next year, we will continue to expand tax reduction categories.

This can not be said to be small, but ultimately, the extent to which such profits can be made to consumers will depend on the decision of the businessmen.

In the previous round of cosmetic tax cuts, insiders said that tariffs did not account for a large proportion of the cost of goods. Cosmetics had been raising prices year after year, as well as the cost of market input, plus 17% of value-added tax had not been lowered.

Zhao Ping also said that tariffs accounted for a relatively low share of the retail price of consumer goods, but the policy of lowering taxes was still meaningful. "Let enterprises have the power to reduce retail prices, reduce import costs, and secondly, reflect the country's policy guidance, encourage and guide enterprises to reduce the prices of consumer goods."

She predicts that next year China will continue to expand the categories of tax cuts, and encourage business models with less circulation, such as Oteri J and cross-border electricity providers.

In addition to consumer goods, the Ministry of Finance in December 9th also proposed to adjust tariffs on goods such as advanced equipment, including:

In order to promote steady growth in imports and exports, strengthen imports of advanced technology, products and services, increase effective supply, and promote domestic independent innovation and industrial structure optimization and upgrading, tariff adjustment will continue to encourage imported equipment, key components and energy raw materials urgently needed in China in 2016, and reduce import tariffs for high-speed electric locomotives, such as traction converters, TV camera module, pure electric or hybrid electric motor controller assembly, chrome free tanning agent, cattle and sheep oil and other commodities.

In order to give full play to the role of tariffs in protecting domestic industries, in accordance with domestic production to meet demand, the tariff of some commodities such as automatic winder will be adjusted in 2016. At the same time, in 2016, export tariffs on such commodities as phosphoric acid, ammonia and ammonia will be abolished, and export tariffs on pig iron and billets should be appropriately reduced.

In order to expand bilateral and multilateral economic and trade cooperation, accelerate the implementation of the free trade area strategy on the basis of the periphery, and form a global standard free trade zone network. According to the trade or tariff preferential agreement signed by China and other relevant countries or regions, the 7 agreements on China and Iceland, Switzerland, Costa Rica, Peru, New Zealand Free Trade Agreement and the Closer Economic Partnership Arrangement between the mainland and Hong Kong and Macao will be further reduced in 2016. At the same time, according to China's commitment to lower taxes on some environmental products in the framework of APEC in 2012, 27 environmental products tax rates with a duty rate of more than 5% will be reduced to 5% in 2016, mainly including sludge dryers, garbage incinerators, solar water heaters and wind turbine generators.

In order to meet the needs of scientific and technological progress, industrial structure adjustment, trade structure optimization and strengthening import and export management, some tax items of import and export tariff were adjusted in 2016. After adjustment, the total number of tariff items will increase from 8285 to 8294 in 2016.