China'S Luxury Tariffs Will Fall By 15%.
On June 15th, Yao Jian, spokesman of the Ministry of Commerce, said that China would further reduce import tariffs, including some of them.
Premium tariff
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The import tax adjustment will not be reduced to zero as a result of previous rumors, according to a person familiar with the motion.
The basic reduction of the tariff is about 2%-15%, and the varieties of cosmetics and high-grade tobacco and liquor will go ahead. But the specific plan and implementation time must be based on the policy promulgated by the Ministry of Commerce and the State Administration of taxation.
Vice Minister of Commerce Jiang Zengwei also said that appropriate reduction
Cosmetics
The tariff rate of high-end watches and other commodities helps to convert part of overseas consumption into domestic purchase and expand sales revenue in the domestic market.
Wang Yong, Secretary General of the brand China industry alliance, said that appropriately reducing the relevant tax rates of cosmetics, high-end watches and other commodities can promote the import of high-grade commodities of domestic demand, pform part of overseas consumption into domestic purchase, and expand the sales revenue of the domestic market.
Wang Yong also said that the import tariffs of luxury goods in China are generally between 15%-25%, while others are as high as 50% (such as cosmetics and liquor).
In addition, luxury stores also have various taxes and fees, such as customs inspection, entry inspection, value-added tax, business tax and consumption tax, which directly lead to the price of domestic luxury goods at least 1/3 higher than that of origin. In order to avoid tariff, Chinese people spend 200 billion yuan a year on luxury goods abroad.
In response, Yan Qi, a researcher at the Institute of foreign economics, said: "reduce
Luxury goods
If the tariff policy can be implemented, it can not only keep part of the luxury consumption in China, but also promote the development of the surrounding industries and supporting businesses. "
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