June 15 2012
In order to encourage imports and economic and social development, and in response to rising consumer demand, the Ministry of Finance announced that China will apply lower import provisional taxes on more than 730 kinds of goods, with an average rate of 4.4% - over 50% lower than the most-favoured nation rates. The new rates became effective on January 1 2012.
The products affected are divided into five main categories:
The ministry of finance has stated that it will continue to implement quota tariffs on seven kinds of agricultural product, including wheat, and quota tariffs and a 1% provisional tax on three types of fertiliser, including urea. China similarly applied provisional taxes on more than 600 kinds of goods in 2011 with an average customs duty rate of 4.5% - over 60% lower than the most-favoured nation rates.
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