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The Levy Of Luxury Goods Is A Foregone Conclusion.

2011/8/24 9:21:00 74

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In view of the controversy over whether the luxury goods should be lowered, in August 22nd, the customs officials of the two ministries and commissions revealed a consistent view: grading taxes can increase import duties if necessary for luxury goods such as watches and jewellery, which are far away from residents.

Domestic luxury goods and huge price differentials abroad have caused large numbers of Chinese to go abroad to buy.

Luxury goods

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Not long ago, Yao Jian, spokesman of the Ministry of Commerce, said that China will further reduce import tariffs, including tariffs on medium and high grade commodities, and the relevant government departments have reached a consensus on this.

Within a week, however, Treasury officials made a very different statement, saying there was no plan to adjust import tariffs on luxury goods.

On the 22 day held by the World Luxury Association 2011 China tariff seminar, although two ministries and experts are still arguing, they consistently give a solution: luxury tariffs can be graded and high tariffs can be imposed on top luxury goods.

Zhao Ping, director of the Consumer Economics Research Department of the Ministry of Commerce, believes that the so-called luxury tax reduction should be treated differently.

With the increase of income, some brands of cosmetics now exist.

Luggage and bags

Commodities that have already been able to afford to go into the middle class are closely related to urban middle-income people. Such luxury goods should be drawn from the original range.

Gong Huiwen, a foreign tax research office of the tax department of the State Administration of Taxation, said that there is no luxury item in the tariff. It is necessary to define and subdivide the luxury goods and adjust the tax burden.

Public luxury goods, such as cosmetics and perfume, which are closely related to life, should be reduced appropriately.

Import duty

Domestic policies are also being studied.

For some high-end luxury goods, such as watches and jewellery, which are far away from most residents, they can not reduce taxes, and import tariffs can also be increased if necessary.

Liu Zuo, director of the taxation department of the State Administration of Taxation, said that the reduction of taxes will be seen at the end of this year.

But it should be noted that besides tariffs, there are other surcharges such as storefronts, labor and so on, which affect the price of luxury goods.

The effect of tariff reduction on its retail price may be very limited.