On May 22nd, 20 18, the State Council Customs Tariff Commission issued an announcement to reduce the import tariffs on whole vehicles and parts from July 20th 1 8. According to the Announcement of the State Council Customs Tariff Commission on Reducing Import Tariffs on Automobiles and Parts, Announcement No.3 of the Tax Commission [20 18].

From July 20 18 1 day, the import tariffs on complete vehicles and parts will be reduced. Reduce the tax rates of 135 tax items with a vehicle tax rate of 25% and four tax items with a tax rate of 20% to 15%, and the tax rates of auto parts are 8%, 10%, 15%, 20% and 25% * * 70. See the annex for specific tax items and tax rate adjustments.

Extended data:

The basic formula for calculating import tariff is: import tariff = dutiable price × import tariff rate.

Please pay attention to the following points when calculating tariffs:

1. Import tax is paid in RMB. If the imported goods are denominated in foreign currency, the customs shall calculate the transaction price in RMB according to the central parity of RMB foreign exchange announced by the State Administration of Foreign Exchange on the date when the tax payment certificate is issued. Foreign currencies not listed in the RMB foreign exchange quotation sheet shall be converted into RMB at the exchange rate determined by the state foreign exchange administration department.

2. The customs value shall be calculated in RMB yuan and rounded to the nearest yuan. After tax payment, the tax shall be calculated to minutes and rounded off as follows.

3. One ticket of goods below RMB 50 yuan is exempt from customs duties. The transaction price of imported goods has different price forms due to different trading conditions. Commonly used price terms are FOB, CIF and CIF. According to three commonly used price terms, this paper introduces the calculation of import tax with examples.

Announcement of the Ministry of Finance of People's Republic of China (PRC) and People's Republic of China (PRC) on Reducing Import Tariffs on Auto Parts

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