On April 3, the reporter was informed that since this month, Yichang Customs has fully implemented the new value-added tax rate on imported goods, which is expected to reduce the taxation of Yichang import and export enterprises by about 10 million yuan.

　　On March 21, the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs jointly issued The Announcement on Policies for Deepening the Reform of Value-added Tax (VAT) and decided to reduce the VAT rate of imported goods from April 1st. This is also the second time for China to reduce taxes after the decline in the import value-added tax rate on May 1, 2018.

　　In the new tax rate policy, the value-added tax rate for imported goods is reduced from 16% (the original tax rate) to 13%, and from 10%(the original tax rate) to 9% respectively. The value-added tax rate of cross-border e-commerce retail imports is lowered simultaneously. If consumers purchase products through cross-border e-commerce retail imports within the individual purchase limit(5,000 yuan for a single purchase or 26,000 yuan for an annual limit), the tariff rate is 0%. The value-added import tax and consumption tax are levied at 70% of the payable statutory tax

　　The downward adjustment of VAT tax rate will further reduce the tax burden and import cost of enterprises, reducing the burden for foreign trade enterprises and further stimulating market vitality. Based on the calculation of the value of imports in Yichang in 2018, after the implementation of the VAT tax reduction policy, the value-added tax of about 10 million yuan will be reduced for Yichang import enterprises.

　　Yichang Customs reminds relevant enterprises that according to the current regulations, the VAT tax rate will be imposed on the actual arrival time of imported goods. Namely, on or after April 1, new reduced VAT rates will be applied to imported goods. (Reporter Yang Jing; Correspondent Sun Furong)