In January 07, Custom Tariff will Witness Great Adjustment, Textile Involved
Source: chinaapparep Date: 2006-12-20
It is known from Hangzhou Custom that since January.1,2007, Custom tariff will witness great adjustment. The tax code of total 354 items will be edited , involving 41 agricultural items, 75 chemical items, 13 paper items, 46 textile items, 20 base metal items, 57 machine items. The business of Zhejiang foreign trade enterprises is doomed to be influenced during this adjustment
It is introduced that tax regulations is the current code of import & export products. Being adjusted, the sum of product name and coding will be increased from 5224 to 5052, total 30 chapters. The products involved including: electronic products, chemical products, woodwork, steels, auto, accessory, toy, sports products etc.
With the demand of recomposing high tech-products or listing new products lonely, custom regulations are recomposed. Besides, trade circle or other executors’ demanding of simplifying system also contributes to the coalition or delete of category and sub-category.
The tax regulation is changed by deletion, increasing, coalition, splitting , shifting and item adjustment etc.
The new tax regulations will be executed from January.1,2007 when custom will classify the items according to tax regulation 2007. If above change about tax regulation is not grasped in time, the previous tax code may be lost during clearance, which will delay the clearance speed directly.
Camel coat is added to leather products among new tax regulation, which brings new business opportunity to Zhejiang leather industry.
