Recently, issued by the state council tariff commission shall notify, since September 15, 2016, to the law of the People's Republic of China's accession to the world trade organization (wto) tariff schedules of amendment to schedule the MFN rates of 201 information technology products listed in the implementation of tax reduction for the first time. These products correspond to more than 480 in our tariff duty number, including a new generation of multielement, semiconductor integrated circuit, touch screen and its production equipment, audio-visual products, medical equipment and instruments and meters, special zero accessories required for the production of information technology products and raw materials, etc., most of these products import tariffs will be in the next three years or five years drop to zero, a small amount of tariffs on products will be zero in the next seven years.
Previously, the law of the People's Republic of China's accession to the world trade organization (wto) in the amendment tariff schedules have been approved under the state council, and on September 3, 2016, the 12th session of the standing committee of the National People's Congress the 22nd meeting decided to approve.
The lower taxes is to implement the world trade organization (wto) framework for expanding the scope of the information technology agreement negotiation results. On December 16, 2015, 24 participants, including our country, in Nairobi, Kenya, jointly issued on the expansion of information technology products trade minister declaration, clear all the participants to constraints and phasing out of 201 item of the tariff.
201 products to all the participants in the wto commitment rate as the foundation, in gradually reduce and ultimately remove tariffs. In tariff concession negotiations, the Chinese always emphasize and opening must consider all the participants of the tariff levels and related industries to bear ability, lower taxes should be a gradual process. Results from the negotiations, all the participants on the tax reduction period, reflected the developing members on tax reduction period reasonable demands. About 201 items of information technology products, Japan promised to implement immediately cancel all tariffs, cancel all tariffs on the U.S. commitment in 3 years later, the eu promised after three years of tariffs for 97% of the products, in addition to the current tax rate to zero products in our country, promised to remove tariffs on 27% of products three years later, after 5 years of tariffs for 24% of the products, after seven years of tariffs on 12% of the products. The above tax arrangement reflects the developed members and developing members on the rights and obligations of general equilibrium.
