On December 23, the Ministry of Finance issued the "Notice of the State Council Customs Tariff Commission on the 2020 import tentative tax rate adjustment plan". The "Notice" states that in order to optimize the trade structure and promote high-quality economic development, The relevant provisions of the Tariff Regulations will adjust import tariffs on some commodities from January 1, 2020.
According to the "Tax Rate Table of Import Commodities Agreement for Further Reduction of Taxes" in the plan, China's brown corundum, silicon carbide, and other artificial corundum and other abrasive products; diamonds, cubic boron nitride and other superabrasive abrasive wheels, circular saw blades, Abrasive products such as drilling tools and coated abrasive products such as abrasive cloth and sandpaper are included.
Attachment: "Adjustment Plan for Temporary Import Tax Rates in 2020" 2020
I. Adjusting import tariff rates
(A) MFN tax rates.
1. With effect from January 1, 2020, provisional tax rates on imports of 859 commodities (excluding goods with tariff quotas) will be implemented. As of July 1, 2020, seven provisional tax rates on import of information technology products will be abolished.
2. Implementation of the fifth step of tax reduction on the most-favored-nation tax rate for information technology products listed in the Schedule to the Amendment to the Tariff Concession Schedule of the People's Republic of China Joining the World Trade Organization.
(2) Tariff quota rates.
Continued implementation of tariff quota management on 8 categories of commodities such as wheat, with the tax rate unchanged. Among them, the quota tax rate of three types of fertilizers, urea, compound fertilizer, and ammonium hydrogen phosphate, continues to implement the tentative tax rate of 1%. Continue to impose a sliding duty on a certain amount of cotton with additional imports.
(3) Agreement tax rates and preferential tax rates.
1.According to the trade agreements or tariff preference arrangements signed by China with relevant countries or regions, in addition to the agreement tax rates that have been approved by the State Council, from January 1, 2020, China and New Zealand, Peru, Costa Rica, Switzerland, Iceland , Singapore, Australia, South Korea, Chile, Georgia, Pakistan, bilateral trade agreements and Asia-Pacific trade agreements have further reduced tax rates. From July 1, 2020, in accordance with the provisions of China's bilateral trade agreement with Switzerland and the Asia-Pacific Trade Agreement, the relevant agreement tax rates will be further reduced.
When the MFN tax rate is lower than or equal to the agreed tax rate, if it is stipulated in the agreement, it shall be implemented in accordance with the relevant agreement; if there is no stipulation in the agreement, the two shall apply from the lowest.
2. Except for Equatorial Guinea, preferential tax rates will continue to be implemented for other least developed countries that have established diplomatic relations with us and completed exchange procedures. Since January 1, 2020, Equatorial Guinea has ceased to enjoy zero tariff preferential treatment.
Export Tariff Rate
Starting from January 1, 2020, export tariffs will continue to be levied on 107 items such as ferrochrome. The export tax rate or the tentative export tax rate will apply. The scope and tax rate of the products to be collected remain unchanged.
Relevant implementation time
The above schemes, unless otherwise specified, will be implemented from January 1, 2020.
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