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Heavy hit! On November 1, 2018, some new regulations for China's trade were launched!

  • Author:Jay
  • Source:China Trade Promotion
  • Release Date:2018-11-01
Heavy hit! On November 1, 2018, some new regulations for China's trade were launched!

(1) Reducing import tariffs on some commodities

According to the news issued by the relevant departments of the State Council's duty-related customs, from November 1, 2018, the import tariffs of 1,585 tax items were reduced. The average tax rate for this adjustment was reduced from 10.5% to 7.8%, with an average reduction of about 26%. Including the following products, you may wish to pay attention to: there are 677 items of tax items in textiles, metal products, etc., the average tax rate is reduced from 11.5% to 8.4%; organic electrical equipment products, a total of 396 tax items, the average tax rate is reduced from 12.2% to 8.8. %; there are 390 tax items in non-metallic minerals, inorganic chemicals, gemstones, etc., and the average tax rate has dropped from 6.6% to 5.4%;

(2) Adjusting the export tax rebate rate for some products

From November 1 this year, with reference to international practices, the current export tax rebate rate for goods is 15% and part of 13% is raised to 16%; 9% is raised to 10%, and part of it is raised to 13%; Increased to 6%, partially raised to 10%; the export tax rebate rate for products with high energy consumption, high pollution, resource products and tasks facing de-capacity remains unchanged; further simplifying the tax system, the tax rebate rate is reduced from the original seven files to Five files. The average time for tax refunds to be processed by the end of this year will be shortened from the current 13 working days to 10 working days.

(3) Adjusting import duties on imported goods

Adjust the tax rate for import goods import tax. On the one hand, the tax rate for medicines is adjusted from 30% to 15%. At the same time, imported anti-cancer drugs that are subject to import value-added tax at 3% are taxed at the rate of goods. On the other hand, the tax rates for tax items 2 and 3 are adjusted from 30% and 60% to 25% and 50%, respectively.

(4) Adjusting the Classification Table for Entry Goods and the Taxable Price List for Imported Goods

The "Industrial Commodities Classification Table of the People's Republic of China" and the "People's Republic of China Goods Entry Duty Price List" will be adjusted accordingly, and the classification principle and the customs value determination principle will remain unchanged.

(5) Implementation of the first negative list of trade in services

(6) Promoting the application of international trade “single window” CCPIT certificate of origin application

The General Administration of Customs and the China Council for the Promotion of International Trade jointly announced that the “single window” was officially launched to realize the electronic and paperless process of applying for the entire process.

In view of the tax reduction of these products, the state is to reduce the pressure on China's small and medium-sized enterprises to import and export through tax reduction economic regulation measures to encourage and activate China's foreign import and export trade. Through the adjustment of this policy, it is a relatively good news for most relevant SMEs engaged in overseas trade. Relevant small and medium-sized enterprises should conduct rational analysis based on this background and appropriately fine-tune their business strategies to adapt to the changes in this new trade regulation. At the same time, I believe that the development prospects of small and medium-sized foreign trade enterprises are very impressive. Come on, the future is ahead!