Home / Knowledge / News / Textiles / China increases duty on low-priced cotton imports

China increases duty on low-priced cotton imports

16
Dec '11
The Chinese Ministry of Finance has revised the sliding scale tax to increase duty on low-priced imports of cotton, the China Cotton Association said.

The price ceiling for taxing shipments at a maximum of 40 percent has been increased from 11,397 yuan/ton to 14,000 yuan/ton. This would result in levying of increased duty on overseas cotton that is priced lower than 14,000 yuan/ton, the association said.

The cotton imports that are priced higher than 14,000 yuan/ton will have to pay a flat tax rate of 570 yuan/ton.

The move is intended to ensure that cheap cotton imports do not compete with cotton produced domestically. However, the adjustment in tax formula is unlikely to have an immediate impact as the lowest import price of cotton is currently much higher than the 14,000 yuan/ton required for making the 40 percent tax rate applicable.

Chinese cotton imports reached 378,200 tons in November, nearly three times the imports of 2010, as per the statistics of China National Cotton Reserves Corporation that manages state inventory.

Fibre2fashion News Desk - China


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Jul 2021

5.2 lakh Zimbabwean homes to gain from Pfumvudza cotton inputs scheme

At least 520,000 households in the marginalised zones of Zimbabwe...

Pic: Lanzatech

Textiles | On 24th Jul 2021

US' LanzaTech, Lululemon to make yarn from recycled carbon emissions

LanzaTech has joined hands with Lululemon athletica, an athletic...

Pic: HOdo Group

Apparel/Garments | On 24th Jul 2021

Chinese apparel firm HOdo exports carbon-offset clothing

Apparel brand HOdo has claimed producing and exporting China’s first...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Shambhu Nath Jha,

Shambhu Nath Jha

Leading research and consulting firm Fact.MR recently launched a report on ...

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Chendhuran Sundar,

Chendhuran Sundar

It manufactures and retails menswear garments in India under the brand...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search