China’s Ministry of Finance has announced the sliding-scale tariff plan for import of cotton in 2014.
China's Ministry of Finance has announced the sliding-scale tariff plan for import of cotton in 2014.The tariff, applicable for cotton imports #
The tariff, applicable for cotton imports excluded from volume under import quotas, is as follows:
China's Ministry of Finance has announced the sliding-scale tariff plan for import of cotton in 2014.The tariff, applicable for cotton imports #
a. If the cotton import quoted price equals or exceeds 15,000 yuan per ton (equivalent to 110.98 US cents per lb based on US$/RMB exchange rate of 6.1305), the unit tax of 570 yuan per ton will be applicable.
China's Ministry of Finance has announced the sliding-scale tariff plan for import of cotton in 2014.The tariff, applicable for cotton imports #
b. If the price of imported cotton is below 15,000 yuan per ton, the sliding-scale tariff rate will be calculated according to the formula: Ri = 9.337/Pi +2.77 %×Pi -1 (Ri<=40 %); where Ri = sliding scale tariff rate (the calculation shall be rounded off at the third decimal place), and Pi = imported cotton quoted price (in yuan/kilogram).
China's Ministry of Finance has announced the sliding-scale tariff plan for import of cotton in 2014.The tariff, applicable for cotton imports #
Compared with the 2013 sliding-scale tariff, there are three modification made in the 2014 plan. First, the threshold of sliding-scale tariff has been raised from 14,000 yuan per ton to 15,000 yuan per ton. Second, in the formula 9.337 replaces 8.87 used in the previous formula. Third, 2.908% in the previous formula is replaced with 2.77% in the new formula.
China's Ministry of Finance has announced the sliding-scale tariff plan for import of cotton in 2014.The tariff, applicable for cotton imports #
Fibre2fashion News Desk - India