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China Slashes Tariffs on 201 IT Products

China will cut the Most Favoured Nation (MFN) import duties on 201 IT products covered by the Information Technology Agreement (ITA) — a global technology trade pact under the World Trade Organisation (WTO), starting from 15 September.

These products correspond to more than 480 China tariff codes, including a new generation of multi-component integrated circuit, touch screen, semiconductor and semiconductor manufacturing equipment, audio-visual products, medical equipment, instruments and meters, as well as special accessories and raw materials needed for the production of IT products, most of which will have the tariffs completely eliminated in the next three or five years, and those of a small number removed in the next seven years.

The move is to implement the ITA expansion product list under the WTO framework. Binding all participating parties, a ministerial declaration jointly issued by 21 participants, including China, on the expansion of trade in information technology products on 16 December 2015 stipulated for the gradual removal of tariffs on 201 products.

For details about the applicable items and tax rates, pls see the circular of the Customs Tariff Commission on the MFN tariffs adjustment plan of selected IT product imports (Chinese only):

http://gss.mof.gov.cn/zhengwuxinxi/zhengcefabu/201609/t20160914_2417642.html

Content provided by Picture: HKTDC Research
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