Kindly please find Italy red wine import VAT duty cost different from 2018 to 2019.
There are 14% customs duty rate, 16% VAT duty rate, 10% Excise tax in 2018. But VAT duty rate is reduced from 16% to 13%.
For example, one container of Italy red wine with CIF value USD 25000.
It needs to pay for 25000 x 46.93% = 11732.5 USD ----------in 2018
25000 x 43.13% = 10782.5 USD ----------------- in 2019
There are 949USD VAT duty cost different.
China imported Italy Red wine with less VAT duty cost in 2019
Started from 1st-Apr, all goods imported into china, VAT rate will be reduced.
VAT general taxpayers (hereinafter referred to as taxpayers) are subject to imported goods. If the original 16% VAT rate is applied, the tax rate is adjusted to 13%; if the original 10% VAT rate is applied, the tax rate is adjusted to 9%.
VAT rate cut down means all imported goods vat cost reduce by 3%. Now all abroad exporter are eager to make contract with China buyer.
If the 16% tax rate of VAT is lowered by 3%, the rest of the tax file will remain unchanged. In theory, the maximum tax reduction can be 668.4 billion yuan. The comprehensive industry concentration and tax reduction scale account for two dimensions of the industry's net profit. The industries benefiting from the VAT tax reduction are mainly: machinery, chemicals, automobiles, non-ferrous metals, household appliances, building materials, computer equipment, coal mining.
If you have any question about china duty rate, pls contact with China customs clearance agent Trista for calculation.
Wechat/tel:+86 18038319027
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