China Lowering Taxes on Certain Imports
China is lowering tax rates on certain imported goods, hoping to boost imports and domestic consumption, according to a notice from the Chinese Ministry of Commerce and a report from state-run news agency Xinhua. The change will take effect April…
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9, the notice said. China will reduce the tax rate of some goods -- such as books, computers, food, furniture and medicine -- from 15 percent to 13 percent, the report said. China will also reduce the rates on products that include sporting goods, textiles, electronic appliances and bicycles from 25 percent to 20 percent. The report also said that certain medicinal imports that are subject to the 3 percent import value-added tax rate, including “anti-cancer drugs and medicines for rare diseases,” will “enjoy [a] favorable tax rate.”