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China Confirms Numerous Trade Duty Changes From 2018

by Mary Swire, Tax-News.com, Hong Kong

19 December 2017


China intends to implement numerous changes to its trade tariffs from January 1, 2018, to ensure domestic businesses have access to inputs and equipment and to implement changes in prior international agreements.

A December 15 government statement said the changes will seek to incentivize imports of advanced equipment, key component parts, and raw materials for the energy sector in particular.

Export tariffs for steel products will be lifted and export duties on some other products including certain types of fertilizer, coal tar, and ferrochromium will be reduced.

26 countries and regions will benefit from previously agreed tariff reductions under existing free trade deals or agreements to facilitate the belt and road initiative. The new FTA with Georgia will be implemented from 2018, and tariff-free coverage or tariff concessions will be expanded for existing deals with the ASEAN nations, Pakistan, South Korea, Iceland, Switzerland, Costa Rica, Peru, Australia, New Zealand, Singapore, Chile, and the parties to the Asia-Pacific Trade Agreement. In addition, more tariff concessions will be granted for bilateral trade with Macao and Hong Kong.

China will also implement the tariff reductions agreed under the Information Technology Agreement from July 1, 2018, and lower tariff rates on green energy products under an agreement with APEC members.

In total, 8549 tariff lines will be altered. The changes follow the reduction of import tariffs on over 200 consumer products on December 1.

TAGS: Pakistan | environment | tax | free trade agreement (FTA) | Chile | Iceland | tariffs | Australia | China | Singapore | agreements | Costa Rica | Georgia | Hong Kong | Korea, South | New Zealand | Peru | Switzerland | trade | free trade zone | Asia-Pacific

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