New Value-Added Tax Cut Helps Lowering Wine Import Cost
In order to boost the tightening economy and sustain an economic growth targeted between 6% to 6.5% in 2019 (China achieved 6.8% GDP growth in 2018), with effect from April 1, 2019, China will further decrease the Value-added Tax (VAT) rate from 16% to 13%, this is in shorter than a year since last May, when the VAT was reduced 1% from 17% to 16%. This VAT cut will have slight help to wine importers but very little (if not none) to the end-user wine consumers. Below are the t
Update - Duty and Taxes of Wine Charged by the Chinese Custom
Although the Chinese Custom splitted the bulk wine category effective 2017 from the formerly packing larger than 2 liters into two sub-divided categories (see chart below, 220422 & 22042900), while the custom duties are still remained the same at 20% (all taxes are calculated based on CIF or C&F price). * Also known as consumption tax The editor believed this new division helps the Chinese Custom to count and tabulate a wine consuming pattern which reflects more precisely a n
Georgia Enjoys Zero Rate Custom Duty Effective 2018
Effective January 1, 2018, Georgian wines entitled zero custom duty rate (0%) imported into China, while consumption tax (10%) and value-added tax (17%) are remained unchanged. This made Georgia the third wine producing country outrun Australia who enjoyed this tax-free advantage after New Zealand (2012) and Chile (2015). Although the Australian Government also entered the Free Trade Agreement with China in 2015, while the custom duty was set to decrease progressively to 0%
What are the Import Custom Duty and Other Taxes on Spirits ?
Same as wine, China imposes also three types of taxes on import spirits, i.e. import custom duty, excise tax and value-added tax, except in different rates. The rate to each of them is 10% (wine and spirits with more than 20% alcohol content by volume), 20% and 17% respectively. The calculation methodology is listed below: Custom duty = CIF (or C&F) price x 10% Excise tax = [ (CIF + Custom Duty ) / (1 – 20%) ] x 20% + Nett multiplier * Value-Added Tax
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
What are the Import Custom Duty and Other Taxes on Wine ?
China imposes three types of taxes on import wine, i.e. import custom duty, excise tax and value-added tax. The rate to each of them is 14%* (wine with 20% or lower alcohol content by volume), 10% and 17% respectively. The calculation methodology is listed below: Custom duty ** = CIF (or C&F) price x 14% Excise tax = [ (CIF + Custom Duty ) / (1 – 10%) ] x 10% Value-Added Tax = { CIF + Custom Duty + Excise Tax } x 17% The total aggregate tax to an imported wi
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