One-percent Down Slight Adjustment on VAT
Released by State Administration of Taxation in early April and was effective from May 1, 2018, the value-added tax rate was slightly adjusted 1% down from 17% to 16%. This made the aggregate tax (custom duty + consumption tax + value-added tax) of imported wine from the previous 48.2% (on CIF price basis) reduced slightly to 46.93%. To wine producing countries (New Zealand, Chile, and Georgia who have entered Free Trade Agreement (FTA) with China, the new aggregate tax (cons
Georgia - Soon the Fourth Wine Producing Country Entered FTA With China
Georgia will soon be the fourth wine producing country entered a Free Trade Agreement with China, following New Zealand, Chile and Australia. Georgia's Minister of Agriculture, Levan Davitashvili told reporters: "We have successfully concluded the 7 months of negotiations. After the completion of the corresponding formalities, the free trade agreement will come into effect, from the beginning of the second half of 2017, Georgian wine, mineral water and agricultural products
Australian Wine Benefits Lower Import Duty to China under FTA
Australia, following Chile and New Zealand, was the third major wine producing country signed the bi-lateral Free Trade Agreement (FTA) with China last June and the Agreement was effective 1 December, 2015. Australian wine would enjoy a cut of 2.8% on custom duty each year and will become zero rate import duty in 5 years (2019). The custom duty to Australian wine will be 8.4% (2016), 5.6% (2017), 2.8% (2018) in the next few years. China has entered FTAs with Chile and New Ze