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China Increases Tariffs On Sugar Imports
02/06/2017 12:00
China has announced that it will levy a high rate of tax on imported sugar above a quota.
A 45 percent tariff will be imposed on sugar imports exceeding the quota for three years from May 22, in addition to customs duties. The rate will be cut by five percent each year, until May 22, 2020, when the tariffs are due to be removed.
The Ministry made the ruling after a safeguard investigation, which was in response to a large increase in the amount of imported sugar, which was found to have injured the Chinese sugar industry. The decision applies to raw and finished sugar that consists mainly of sucrose.
Developing countries will be exempt from the tariff, subject to two limitations; a single country's share of Chinese imports must not exceed three percent, or all developing countries' exports must not exceed nine percent collectively.
Separately, the Ministry of Commerce has decided to lift anti-dumping duties on US and Japanese exports of catechol, a chemical used in the manufacture of pesticides, perfumes, and pharmaceutical.
A 45 percent tariff will be imposed on sugar imports exceeding the quota for three years from May 22, in addition to customs duties. The rate will be cut by five percent each year, until May 22, 2020, when the tariffs are due to be removed.
The Ministry made the ruling after a safeguard investigation, which was in response to a large increase in the amount of imported sugar, which was found to have injured the Chinese sugar industry. The decision applies to raw and finished sugar that consists mainly of sucrose.
Developing countries will be exempt from the tariff, subject to two limitations; a single country's share of Chinese imports must not exceed three percent, or all developing countries' exports must not exceed nine percent collectively.
Separately, the Ministry of Commerce has decided to lift anti-dumping duties on US and Japanese exports of catechol, a chemical used in the manufacture of pesticides, perfumes, and pharmaceutical.
June 2, 2017
Source: Tax News
Source: Tax News
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