- Analytics
- News and Tools
- Market News
- China cuts controversial tax on personal items bought overseas in move to boost consumption
China cuts controversial tax on personal items bought overseas in move to boost consumption
China has cut a controversial tax on personal items bought overseas, ranging from iPads to books, in an effort to boost consumer confidence.
The government will trim the “tax on baggage and articles accompanying incoming passengers and personal postal articles”, a three-in-one tax consisting of value-added tax, consumption tax and import duties on Tuesday, according to an online notice posted by the Ministry of Finance.
The tax rate on products including computers, foodstuffs, gold and silverware, furniture and medicines will be lowered to 13% from 15%. The rate for commodities including textiles, electric appliances and bicycles will be cut to 20% from 25%, according to the statement. The tax rate for wine, cigarettes, jewellery, golf equipment, luxury watches and high-grade cosmetics will be kept at 50%.
This is the second round of tax cuts on consumer products bought overseas in six months, after Beijing initially lowered the rate on November 1, 2018.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
