The Customs Tariff Commission of the State Council issued a notice in May 22nd.With the approval of the State Council, since July 1, 2018, the duty tariff of 25% and 20% vehicles was reduced to 15% respectively, and the rate of tax reduction was 40% and 25% respectively. The tariff of auto parts of 8%, 10%, 15%, 20% and 25% was reduced to 6%, and the average tax rate was reduced by 46%.
The head of the Ministry of Finance said that China's maintenance of the multilateral trading system and the reduction of tariffs on automobile imports are important measures for China to further expand its reform and opening up policy. After tax reduction, the average vehicle duty rate of our vehicle is 13.8% and the average duty rate of components is 6%, which is in line with the reality of China's automobile industry.
The head of the Ministry of finance also said that a substantial reduction in automobile import tariffs would facilitate the structural reform of the supply side, promote the restructuring and upgrading of the automobile industry, guide the quality and efficiency of the automobile products, enrich the supply of the domestic market, and meet the needs of the diversity of the people, It will bring richer and more practical consumption experience to domestic consumers.
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