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People's Daily Online>>China Business

New customs duty rule goes into effect

By Wang Xinyuan (Global Times)

08:40, April 16, 2012

A new regulation reportedly aimed at keeping wealth at home by levying higher import duties on imported luxury goods such as cosmetic products went into effect Sunday.

According to the new regulation by the General Administration of Customs, the average tax rates remain unchanged for the majority of goods such as cosmetics, handbags and footwear products, but their dutiable value has been increased substantially.

The dutiable value is a base for setting import duties, and a higher dutiable value amounts to more duties even if the tax rates remain unchanged.

For instance, the existing tariff rate of 50 percent for cosmetic products remains unchanged.

However, the dutiable value of imported perfume has been tripled and the dutiable value of a bottle of eye-care has been doubled under the new regulation.

A bottle of imported perfume originally priced at about 100 yuan is now set at a dutiable value of 300 yuan. Therefore, the import duty would now be 150 yuan instead of 50 yuan under the old rule.

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