State Council: The Import Tax Rate Of Sports Goods And Textiles Has Been Reduced From 30% To 20%

According to the Ministry of Finance website news, approved by the State Council, the Customs Tariff Commission of the State Council has decided to adjust import tax on imported articles. The tax rates for entry tax items 1 and 2 were reduced to 13% and 20% respectively. The tax item 1 "drug" annotation shall be amended to "import drugs that are subject to the import duty increment tax of 3% by the state, and shall be taxed according to the duty rate of the goods". The tariff adjustment means that the import tax rate of drugs, publications, educational videos, computers and furniture, toys and game products dropped to 13%, sporting goods (excluding golf balls and ball games), fishing supplies, textile and its finished products, TV cameras and other electrical appliances, bicycles and other tax rates fell to 20%. The above adjustments have been implemented since April 9, 2019.

According to the economic daily - China Economic Net, the tariff rates of import and export items 1 and 2 were 15% and 30% respectively.