China adopts law on customs duties
Chinese lawmakers on Friday voted to adopt a law on customs duties to promote high-level opening up.
The law, which was passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Dec. 1, 2024.
It maintains the basic stability of the existing tariff system, with the overall tax burden level remaining unchanged.
The law is of significant importance for advancing high-level opening up and fostering a market-oriented, law-based, and internationalized business environment, said Li Xuhong, a professor at the Beijing National Accounting Institute.
The move marked another step in China's tax legislation. Out of the country's existing 18 tax categories, China has enacted laws on 13 of them.