The State Council cut import tariffs on 1585 tax i

2022-07-31
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The State Council: the import tariff rate of 1585 tax items will be reduced from November. The executive meeting of the State Council held on November 26 decided to reduce the import tariff rate of 1585 tax items, industrial products and other commodities from November 1 this year. As a result, China's overall tariff level will drop from 9.8% last year to 7.5%

the meeting decided to reduce the average tax rate of mechanical and electrical equipment such as machinery, instruments and meters from 2.2% in early May 2016 to 8.8%, the average tax rate of textiles, building materials and other commodities from 11.5% to 8.4%, the average tax rate of some resource commodities such as paper products and primary processed products from 6.6% to 5.4%, and reduce the tax level of similar or similar commodities

in combination with a series of tariff reduction measures that have been introduced since this year, the tax burden of enterprises and consumers is expected to be reduced by nearly 60billion yuan, and China's total tariff level will be reduced from 9.8% last year to 7.5%

the meeting also decided to speed up the process of customs clearance facilitation and draw up a timetable. Before November 1 this year, the number of regulatory certificates to be verified in the import and export links will be reduced from 86 to 48; Before the end of October this year, all localities will publish the list of local port charges to the public, and no charges outside the list are allowed; We will promote the reduction of compliance fees. The compliance costs of container import and export during the year will be reduced by more than $100 compared with last year, and major coastal ports will be further reduced

zhangyansheng, chief researcher of the China Center for international economic exchanges, noted that reducing tariffs and promoting opening-up are often studied and deployed at the executive meetings of the State Council. Just last week, the State Council set ambitious goals in this regard. The executive meeting of the academy also made arrangements for the overall customs clearance time of import and export, the reduction of import and export supervision certificates by one third and the reduction of customs clearance fees

"reducing tariffs and accelerating the facilitation of customs clearance are two important aspects for China to achieve a higher level of opening up." He said, "the overall tariff level has been reduced from 9.8% to 7.5%. The way to achieve building energy efficiency can be said to be a substantial opening-up of the industrial sector, which is of real benefit to both international and domestic trading enterprises."

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