'Import and Export Tax Rules of the People's Republic of China (2024)' to be implemented from Jan. 1, 2024
BEIJING, Dec. 31, 2023 Xinhua News Agency (PRC) - The Import and Export Tax Rules of the People's Republic of China (2024) will be formally implemented on Jan. 1, 2024, Xinhua News Agency (PRC) said. This new policy will have a profound impact on China's foreign trade, aiming to further optimize the tax structure and promote the balanced development of domestic and foreign trade.
According to the announcement of the General Administration of Customs, the new import and export tax rules are mainly related to the following aspects: firstly, the import tax rates of some commodities will be adjusted to protect the relevant domestic industries; secondly, the export tax rates of some commodities will be optimized to enhance the competitiveness of Chinese commodities in the international market; thirdly, the import and export tax rates of some special commodities will be clearly defined to maintain the country's economic security and social stability.
Firstly, for imported commodities, the new tariff rules will reduce tariffs for some high value-added and high-tech content commodities, so as to encourage domestic enterprises to introduce advanced technology and management experience, and to improve the technical level and product quality of domestic industries. At the same time, the new tariff rules will appropriately increase the import tax rate for commodities with excess domestic production capacity, so as to protect the normal development of related domestic industries.
Secondly, for export commodities, the new tax rules will further reduce the export tax rate of some labor-intensive and resource-intensive commodities to improve the competitiveness of Chinese commodities in the international market. Meanwhile, for some resource commodities of strategic significance, the new tax rules will implement export quota management to ensure national resource security.
Finally, for some special commodities, such as agricultural products and energy products, the new rules will implement dynamic adjustment of import and export tax rates according to the domestic and international market conditions and the needs of the country's economic and social development.
The implementation of the new import and export tax rules will help optimize China's tax structure and promote the balanced development of domestic and foreign trade. At the same time, it will also help protect the legitimate rights and interests of domestic related industries and maintain the country's economic security and social stability.
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The Customs Department said that it will operate in strict accordance with the new import and export tax rules to ensure the smooth implementation of the policy. At the same time, it also calls on the majority of import and export enterprises to actively cooperate and declare and pay taxes in accordance with the new tax rules.
The implementation of the new "Import and Export Tax Rules of the People's Republic of China (2024)" marks the further optimization and improvement of China's foreign trade policy. In the future international trade arena, China will actively participate in global economic cooperation and competition with a more open and inclusive attitude, and make greater contributions to promoting the healthy development of global trade.