Next year will resume the import tax exemption for the hardware industry

It is understood that taxation is a duty that every citizen and enterprise should perform. The Ministry of Commerce and the General Administration of Customs of the People's Republic of China issued a joint announcement in recent days stating that in order to actively respond to the effects of the financial crisis and maintain steady growth in foreign trade, China will adjust the categories of processing trade restrictions and prohibitions. Starting from February 1, next year, import taxation policies for copper, nickel, cobalt ore and its concentrates will be resumed.

According to the announcement, 1,730 ten commodity codes were excluded from the restricted category, specifically related to textiles, plastics (7540, 355.00, 4.94%, bar) products, wood products, hardware products, etc., accounting for processing trade restricted products. Of the total, 77% involved processing trade exports worth about US$30 billion.

Twenty-seven commodity codes, including copper, nickel and aluminum products, were excluded from the prohibited category, involving exports of processing trade of approximately US$1.5 billion, accounting for 30% of the total amount of prohibitions.

Next year, the tax exemption policy for bathroom hardware will be restored and further development will be promoted.