BIZCHINA / Center |
Tariffs higher for luxurious goods(Shanghai Daily)Updated: 2006-12-27 15:53 Chinese mainland's shoppers will have to pay higher tariff when buying luxurious products from overseas starting next year. The Ministry of Finance said consumers will be levied 30 percent tariff on top-class watches and golf products compared with the current 10 percent, and tariff on cosmetics will be raised to 50 percent from 20 percent. The adjustment is to keep pace with the new consumption tax which took effect from April 1, the ministry said. Many Chinese people shop in overseas areas, including Hong Kong, since the new consumption tax was implemented, which enlarged the price gap between domestic products and overseas products. When mainland's residents buy goods worth more than 5,000 yuan (US$639) from overseas areas, they should pay tariff on the excessive part, according to China's Customs rules. (For more biz stories, please visit Industry Updates) |
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