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China Revises Taxation Rules For Imported Goods Sold Online

March 25, 2016: 12:00 AM EST
China is amending its tax rules for imported products sold online by removing a special tax, also known as parcel tax, previously imposed on such goods. Replacing the parcel tax will be value-added and consumption duties that are at present levied on most products sold in the country. According to China’s Ministry of Finance, however, the new tax will come with a 30-percent discount. In January 2016, China expanded a pilot program, which allowed a port district in the city of Hangzhou to trade imported goods at lower rates. Online sales of imported goods in China have expanded at a CAGR of 63 percent in the five-year period ending 2015 to reach 638 billion yuan, or $98 billion, accounting for 17 percent of the country’s total online retail sales, data from Mintel Group Ltd. revealed.
Daniela Wei, "China Changes Online Import Tax Rules, a Move to Help Cosmetics", Bloomberg Business, March 25, 2016, © Bloomberg L.P.
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