(Yicai Global) April 9 -- China reduced the import duties levied on articles carried or mailed into the country today to spur imports and consumption, lowering to 13 and 20 percent from the former 15 and 25 percent in tax categories one and two, respectively.
The country earlier trimmed its value-added tax on imports.
The 13 percent rate reduction in this round applies to category 1 computers and other information technology products, food, beverages, furniture, toys, entertainment items, books, newspapers, magazines and medicines, while the 20 percent rate for category 2 attaches to sporting goods, textiles, TVs and other home appliances.
Tariffs on cigarettes, wines, jewelry, luxury watches, high-end cosmetics, golf balls and equipment and various other products will stay at the current 50 percent.
The import duty, also called the tariff on items brought by travelers or mailed from abroad, is the sum of tariffs, VAT and consumption taxes levied on these articles. Its rate should in general accord with the comprehensive tax on other imports to uphold fair competition in the market.
China already dropped its VAT rate, including that on imports, to 13 and 9 percent from 16 and 10 percent, respectively, starting from April 1.
The VAT for anti-cancer drugs and medicines to treat rare diseases are both still 3 percent.
Editor: Ben Armour