China lowers import value-added tax on 16 agricultural products…
The General Administration of Customs of China (GACC) has lowered the import value-added tax (VAT) on 16 agricultural products including refined sunflower oil, crude sunflower oil and refined rapeseed oil, according to a report by the US Department of Agriculture (USDA).
Effective from 2 February, the VAT on most of the products had been reduced from 13% to 9%, the 9 February report said.
For example, a new 10-digit tariff line (1512190010) was created for “refined sunflower oil”, which was now subject to a 9% VAT during customs clearance. The product had previously been classified under HS code 15121900 and had been subject to a 13% VAT.
In addition to most-favoured-nation (MFN) import tariffs, agricultural products imported from the USA remained subject to retaliatory tariffs, the Foreign Agricultural Service (FAS)’s Global Agricultural Information Network (GAIN) report said.
Other products included in the new VAT ruling include crude sunflower oil; rice bran, fennel, walnut, peppercorn, apricot seed, grapeseed and peony seed oils; and shortenings made of vegetable fats and oils, and microbial fats and oils.
