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China Cuts Consumption Tax on Imported Cosmetics

The Ministry of Finance and the State Administration of Taxation recently issued the Circular on Adjusting the Policy of Consumption Tax on Cosmetics to guide rational consumption. With effect from 1 October 2016, China’s consumption tax policy has been adjusted, and the tax item “cosmetics” has been renamed “high-end cosmetics”.

In this latest adjustment, cosmetics of the high-end beauty and cosmetic category and skin care category are defined as having a dutiable price of RMB10/ml (g) or RMB15/piece (sheet) and above. The import consumption tax rate has been lowered to 15% from 30%.

For details of the Circular (in Chinese), please see:

http://szs.mof.gov.cn/zhengwuxinxi/zhengcefabu/201609/t20160930_2430843.html

For details of the tax rate schedule of specific tax items (in Chinese), please see:

http://gss.mof.gov.cn/zhengwuxinxi/zhengcefabu/201609/t20160930_2431059.html

Content provided by Picture: HKTDC Research
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