China Reinstates Import Tax Reduction and Exemption for 20 Commodities

From August 5, 2020, China has reinstated its tax reduction and exemption policy for 20 commodities, meaning importers can now enjoy tariff exemptions and import-tax related deductions where applicable. This is according to the Announcement about Stopping Tax Reduction & Exemption for 20 Commodities, jointly released by the Ministry of Finance, the General Administration of Customs, and State Administration of Taxation earlier this month.

In short, the announcement will mean that importers of the stipulated commodities will benefit from preferential tax policies that otherwise apply to goods, trade methods, and enterprises of their type.

Here we explain some

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