China's 2012 Adjustment Plan on Cotton Import Duties
[2011-12-21 17:46:28]
Recently, China's Ministry of Finance stated that from January 1, 2012, China will keep the sliding duty on certain quantity of cotton imports beyond their tariff quota and appropriately adjust the formula for calculating the sliding duty as follows:
1. When duty–paid value of imported cotton is higher than or equal to CNY 14 per kg, the provisional specific tariff rate is CNY 0.570 per kg;
2. When duty-paid value of imported cotton is lower than CNY 14 per kg, the provisional tariff rate should be calculated as the following:
Ri=8.23/Pi＋3.235%×Pi－1(Ri＜=40%)
(Therein, Ri - provisional tariff rate, its calculated result be rounded to first 3 decimal places, and when Ri is higher than 0.4 as calculated, 0.4 should be used instead; Pi – tariff duty-paid value with the unit CNY/kg)
Source: ETCN
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