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China Lowers Tax on Passengers' Goods
China lowered the tariff rates on goods brought into the country by passengers and on goods sent into the country by mail on January 1.
The tax rate for cosmetics was cut from 80 percent to 50 percent. The tax rates for video cameras, digital cameras and video and recording cameras were also lowered from 80 percent to 50 percent.
At the same time, the tax rates for cigarettes and alcohol were lowered from 100 percent to 70 percent.
The country will impose four levels of tax rates on the items of travelers, including 10 percent for books, newspapers and food stuffs, 30 percent for textile products and electric appliances, 50 percent for video cameras, video and recording cameras and digital cameras, and 70 percent for cigarette and alcoholic products.
The average tariff rate on goods have been lowered from 55 percent to 40 percent.
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