New Laws and Regulations
China adopts law on customs duties
Updated: Apr 28, 2024
Xinhua
Print
Share - WeChat
BEIJING -- 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.
- News
- China clarifies criminal penalties for noncompliance with court rulings
- Procuratorates step up foreign-related work to promote security, business environment
- Top court launches AI-generated platform to help judges, public
- China's top procurator calls for strict, harsh punishments for major vicious crimes
