Overview of the event
On January 16, 2023, Fengxin Global held a webinar on "Interpretation of the 2024 Tariff Adjustment Plan and Analysis of its Impact on Related Industries", which was delivered by Mr. Wen, associate professor and master's supervisor of Shanghai Customs University, member of the Classification Technical Committee of the General Administration of Customs, member of the Deliberation Sub-committee, member of the Classification Technical Committee and member of the International Group. Mr. Wen's books include "300 Questions in the Classification of Mechanical and Electrical Commodities", "Guide to the Classification of Integrated Circuit Manufacturing Equipment Parts", "Classification Methods and Case Analysis of Mechanical and Electrical Commodities", etc. Published a number of articles. has participated in the translation and transfer of the Harmonized System of the General Administration and undertook a lot of work.
In the one-hour activity, Mr. Wen mainly explained the tariff-related policies, the key points of the 2024 tariff adjustment plan, the analysis of the impact of the 2024 tariff adjustment on related industries, as well as relevant classification cases and risk prevention.
Content review
1. Interpretation of tariff-related policies
First of all, Mr. Wen gave a general explanation of the difference between the latest tariff rules for 2024 and last year.
1.In terms of tax reduction
Accelerate the innovation and development of advanced manufacturing industry, and reduce import tariffs on resources, key equipment and parts that are in short supply in China, such as lithium chloride, low-arsenic fluorite, and gas diffusion layers for fuel cells.
To protect people's lives and health, meet residents' consumption needs with high-quality supply, implement zero tariffs on drugs and raw materials for some anti-cancer drugs and rare disease drugs, and reduce import tariffs on formula foods for special medical purposes.
Reduced import duties on sweet corn, coriander and burdock seeds.
In addition, in order to promote the development of the new material industry, the export tariffs on high-purity aluminum will be reduced.
2.Adjust (increase) the tax rate
Within the scope of China's commitment to join the world's leading organization, the import tariffs on some commodities such as ethylene, propylene, and liquid crystal glass substrates below 6 generations will be raised.
3.In terms of additional taxes
Vegetable protein, decorative base paper, high-end steel products, railway vehicle parts and other tax items.
2. Key analysis of the 2024 tariff adjustment plan
Then Mr. Wen made a key analysis of the relevant adjustments to the tax rules in 2024, such as:
A new subheading "Rutile type content 998%, brightness (dry powder l*) 990", the technical basis is based on the standard "Chlorinated Titanium Dioxide Pigments" (TCNCIA 01016-2021).
The customs will manage and collect data statistics on the import and export of chlorinated titanium dioxide products according to this tariff number.
The addition of the tax item of chlorinated titanium dioxide products will be conducive to the research of relevant incentive policies for such products and production processes, and promote the rapid development of the titanium dioxide segment in the future.
In addition, Mr. Wen also interpreted some new temporary taxable goods in 2024.
3. Analysis of the impact of the adjustment of the Tariff Rules on relevant industries in 2024
Next, Mr. Wen analyzed the impact of the adjustment of tariff rules on related industries.
1.Impact on the chemical industry.
2.Impact on the pharmaceutical industry.
3.The impact of integrated circuit manufacturing.
4.Impact on the automotive manufacturing industry.
5.Impact on the metallurgical industry.
6.Impact on export-advantaged commodities such as semiconductors, graphite, and drones.
4. Analysis of relevant classification cases and risk prevention
Finally, Mr. Wen analyzed three classification cases, including the classification of high-pressure mercury lamps for lithography machines, the classification of motor controllers for lithography machines, and the classification of natural flake graphite.