China sets new import tax rates on Tuesday
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China announced on Monday new import tax rates starting Tuesday.
File photos: VCG
The Customs Tariff Commission of the State Council has set three types of import taxes: for imported goods such as books, computers, food and furniture, taxes will be cut to 13 percent; for sporting goods (excluding golf balls and clubs), textiles and their finished products, televisions and cameras, 20 percent; and for tobacco, wine, precious jewelry, high-end watches, high-end cosmetics, 50 percent.
Value-added taxes on imported drugs will be charged at the reduced rate of 3 percent, the commission said.