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Slide-tariff on cotton imports adjusted

30
May '08
The Ministry of Finance issued a circular on May 28, saying that Tariff Commission of the State Council has decided to adjust import tariffs on 26 tax items of commodities in six categories. Import tariffs on products including cotton will be lowered.

From June 5 to October 5, 2008, a temporary slide-tax policy will be applied to certain amount of cotton imports outside tariff quota. The Specific Duty of high-quality cotton imports with higher price will be reduced from 570 yuan per ton to 357 yuan per ton, which is equivalent to cutting cotton slip-tax from 5 -40 percent to 3 –40 percent, the current slide-tax will be resumed from October 6.

The implementation of a temporary slip-tax policy on certain amount of cotton imports outside tariff quota before new cotton arrives in domestic market is to meet domestic market demand of cotton supply in lean season.

Fibre2fashion News Desk - China


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