Expanding The Scope Of Tax Reduction For Clothing, Bags And Other Commodities In 2016 Will Benefit 7 Agreements.

Recently, the Customs Tariff Commission of the State Council passed the "tariff adjustment plan for 2016" and submitted it to the State Council for approval.

Since January 1, 2016, China's import and export tariffs will be partially adjusted.

The plan points out that in accordance with the trade or tariff preferences agreement signed by our country and other countries or regions, the 7 agreements on China and Iceland, Switzerland, Costa Rica, Peru, New Zealand Free Trade Agreement and the Closer Economic Partnership Arrangement between Mainland and Hong Kong and Macao will be further reduced in 2016.

At the same time, according to China's commitment to lower taxes on some environmental products in the framework of APEC in 2012, 27 environmental products tax rates of 5% above the tax rate will be reduced to 5% in 2016, mainly including sludge dryers, garbage incinerators, solar water heaters and wind turbines.

In addition, in 2016, we will moderately expand the scope of tax reduction for daily consumer goods, and reduce the import tariff rate relatively high and import demand elasticity with a provisional tax rate.

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Blankets, vacuum thermos cups, sunglasses and other commodities.

Customs duties.

It is reported that after the implementation of the plan, the total number of tariff items will increase from 8285 to 8294 in 2016.