According to the website of the Ministry of Finance of the People's Republic of China on December 15th, the relevant person in charge of the Ministry of Finance answered the question of China's further adjustment of tariffs in 2010. Compared with 2009, China has implemented a wider range of agreements for tax rates in 2010. The preferential rate is even greater.
Since January 1, 2010, China will further adjust the import and export tariffs, mainly related to MFN tariff rates, annual provisional tax rates, agreed tax rates, preferential tax rates, and tariff lines.
Regarding which countries will implement the agreed tax rate in 2010, the relevant person in charge of the Ministry of Finance said that giving full play to the role of tariffs in promoting multilateral and bilateral economic and trade cooperation and actively exploring the international market is particularly important for maintaining stable development of foreign trade. In 2010, based on a series of free trade agreements or preferential tariff agreements signed with relevant countries and regions in the past, China will implement a more preferential agreement rate on the goods originating in some countries than the MFN tariff rate, which is derived from some LDCs. Commodities implement preferential tax rates to promote trade cooperation with relevant countries and regions to achieve mutual benefit and common development.
Compared with 2009, China's implementation of the agreed tax rate in 2010 has a wider range of products and a greater margin of preference. The first is to implement the Asia-Pacific Trade Agreement agreement rate for goods originating in South Korea, India, Sri Lanka, Bangladesh and Laos, including 1767 tax items. The average tax rate for these purposes is 8.9%, which is relative to the MFN rate. At 23.3%;
The second is to implement the China-Chile Free Trade Agreement tax rate for goods originating in Chile, including 7029 tax items, with an average tax rate of 1.3% and an average preferential margin of 87.7%;
The third is to implement the China-Pakistan Free Trade Agreement tax rate on goods originating in Pakistan, including 6,240 tax items, with an average tax rate of 5.3% and an average discount rate of 43%;
The fourth is to implement the China-New Zealand Free Trade Agreement tax rate on goods originating in New Zealand, including 7040 tax items, with an average tax rate of 4.0% and an average preferential margin of 61.6%;
The fifth is to implement the China-Singapore Free Trade Agreement tax rate on goods originating in Singapore, including 2,753 tax items, with a zero tax rate and an average preferential rate of 100%. In particular, since 2010, the China-ASEAN Free Trade Area Agreement will implement the fourth batch of normal goods tax reduction. More than 90% of the goods will be zero-tariffed, and the China-ASEAN Free Trade Area will fully realize the liberalization of trade in goods.
After the tax reduction, China’s implementation of the agreed tax rate on ASEAN countries is about 6,800, and the overall average tax rate is 0.1%, with an average preferential rate of 99%. At the same time, the above-mentioned countries will also implement corresponding agreement tax rates on Chinese goods in 2010 according to relevant agreements. In 2010, China will continue to implement zero tariffs on 1587 and 1209 tax items originating in Hong Kong and Macao and having established preferential standards of origin in the framework of the Closer Economic Partnership Arrangement between the Mainland and Hong Kong and Macao.
In addition, in 2010, China will continue to impose preferential tax rates on some of the products of 41 least developed countries such as Laos and Ethiopia, most of which implement zero tax rates, and the scope of taxation covers most of the goods imported by China from these countries.
Since January 1, 2010, China will further adjust the import and export tariffs, mainly related to MFN tariff rates, annual provisional tax rates, agreed tax rates, preferential tax rates, and tariff lines.
Regarding which countries will implement the agreed tax rate in 2010, the relevant person in charge of the Ministry of Finance said that giving full play to the role of tariffs in promoting multilateral and bilateral economic and trade cooperation and actively exploring the international market is particularly important for maintaining stable development of foreign trade. In 2010, based on a series of free trade agreements or preferential tariff agreements signed with relevant countries and regions in the past, China will implement a more preferential agreement rate on the goods originating in some countries than the MFN tariff rate, which is derived from some LDCs. Commodities implement preferential tax rates to promote trade cooperation with relevant countries and regions to achieve mutual benefit and common development.
Compared with 2009, China's implementation of the agreed tax rate in 2010 has a wider range of products and a greater margin of preference. The first is to implement the Asia-Pacific Trade Agreement agreement rate for goods originating in South Korea, India, Sri Lanka, Bangladesh and Laos, including 1767 tax items. The average tax rate for these purposes is 8.9%, which is relative to the MFN rate. At 23.3%;
The second is to implement the China-Chile Free Trade Agreement tax rate for goods originating in Chile, including 7029 tax items, with an average tax rate of 1.3% and an average preferential margin of 87.7%;
The third is to implement the China-Pakistan Free Trade Agreement tax rate on goods originating in Pakistan, including 6,240 tax items, with an average tax rate of 5.3% and an average discount rate of 43%;
The fourth is to implement the China-New Zealand Free Trade Agreement tax rate on goods originating in New Zealand, including 7040 tax items, with an average tax rate of 4.0% and an average preferential margin of 61.6%;
The fifth is to implement the China-Singapore Free Trade Agreement tax rate on goods originating in Singapore, including 2,753 tax items, with a zero tax rate and an average preferential rate of 100%. In particular, since 2010, the China-ASEAN Free Trade Area Agreement will implement the fourth batch of normal goods tax reduction. More than 90% of the goods will be zero-tariffed, and the China-ASEAN Free Trade Area will fully realize the liberalization of trade in goods.
After the tax reduction, China’s implementation of the agreed tax rate on ASEAN countries is about 6,800, and the overall average tax rate is 0.1%, with an average preferential rate of 99%. At the same time, the above-mentioned countries will also implement corresponding agreement tax rates on Chinese goods in 2010 according to relevant agreements. In 2010, China will continue to implement zero tariffs on 1587 and 1209 tax items originating in Hong Kong and Macao and having established preferential standards of origin in the framework of the Closer Economic Partnership Arrangement between the Mainland and Hong Kong and Macao.
In addition, in 2010, China will continue to impose preferential tax rates on some of the products of 41 least developed countries such as Laos and Ethiopia, most of which implement zero tax rates, and the scope of taxation covers most of the goods imported by China from these countries.
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