Mar. 26 – According to the “Circular Regarding Adjustment of Import Duty on Certain Products (shuiweihui  No.4)” issued by the State Tariff Committee, import duty rates for liquid crystal display (LCD) panels and three other categories will be adjusted to interim rates from April 1, 2012.
The import duty rates of LCD panels (32-inches and above) without backlight modules (Tariff Catalog No. 90138030) will be subject to a 5 percent most-favored-nation (MFN) rate instead of the current 3 percent interim rate.
Import duty rates on camera eyepieces with diopter adjustment function (90029010) will be lowered from the 8 percent MFN rate to a 3 percent interim duty, while import duties on other eyepieces with diopter adjustment function (90029090) will be adjusted to a 10 percent interim rate from the current 15 percent MFN rate.
Import duty rates on trimmer knife units for paper-cutting machines (84419010) will be lowered to a 3 percent interim rate from an MFN rate of 8 percent.
Dezan Shira & Associates is a boutique professional services firm providing foreign direct investment business advisory, tax, accounting, payroll and due diligence services for multinational clients in China. The firm specializes in assisting foreign enterprises with their tax obligations. For further advice and specifics relating to these recent measures, please email email@example.com, visit www.dezshira.com, or download the firm’s brochure here.
The China Tax Guide (Fifth Edition)
This popular book, fully updated with all recent tax changes and amendments, details all taxes in China affecting businesses and individuals, how to calculate the amounts due, tax registration and filing procedures, tax minimization techniques, and claiming VAT rebates. It also details good financial management techniques, handling negotiations with the tax bureau and annual audit and compliance procedures.