China’s import tax cut to reduce revenue, aid consumption

%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20latest%20cuts%20to%20import%20duties%20will%20reduce%20fiscal%20revenue%20while%20boosting%20domestic%20consumption%2C%20said%20vice%20finance%20minister%20Shi%20Yaobin%20on%20Friday%20at%20a%20press%20conference.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20Ministry%20of%20Finance%20%28MOF%29%20announced%20on%20Monday%20that%20China%20will%20cut%20import%20taxes%20on%20clothing%2C%20cosmetics%20and%20some%20other%20goods%20from%20June%201.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20MOF%20said%20that%20it%20will%20slash%20duty%20by%20half%2C%20on%20average%2C%20on%20suits%2C%20fur%20garments%20and%20shoes.%20A%20tariff%20on%20cosmetics%20will%20fall%20to%202%20percent%20from%205%20percent%2C%20while%20a%20duty%20on%20diapers%20will%20decline%20to%202%20percent%20from%207.5%20percent.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThere%20is%20no%20doubt%20that%20the%20cuts%20will%20reduce%20fiscal%20revenue%2C%20said%20Shi%2C%20while%20declining%20to%20give%20an%20exact%20amount%2C%20but%20he%20did%20not%20expect%20revenue%20to%20decrease%20too%20much%20given%20that%20more%20imported%20goods%20mean%20more%20import%20tax%20revenue.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWith%20strong%20purchasing%20power%2C%20Chinese%20mainland%20travelers%20often%20buy%20goods%20as%20diverse%20as%20diapers%20and%20handbags%20abroad%20to%20avoid%20import%20and%20consumer%20taxes%20back%20home.%20Mainland%20tourists%20abroad%20spent%20%24165%20billion%20in%202014%2C%20up%20from%20%24129%20billion%20in%202013.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28China%20Daily%29%3C/FONT%3E%3C/P%3E