On January 1, 2022, the " Regional Comprehensive Economic Partnership Agreement" (RCEP) officially entered into force for the four countries of China, Japan, Australia and New Zealand and the ASEAN countries.
According to the General Administration of Customs "Announcement on the Announcement of New Issues in the Implementation of the Regional Comprehensive Economic Partnership Agreement" (General Administration of Customs Announcement No. 8 of 2022), RCEP will come into effect in South Korea on February 1, 2022.
The economies of China and South Korea are both among the largest in the world. The trade volume between China and South Korea is nearly 300 billion U.S. dollars. RCEP will accelerate the deepening of economic and trade cooperation between China and South Korea. The most eye-catching one is tariff concessions. On January 1, 2022, the " Regional Comprehensive Economic Partnership Agreement" (RCEP) officially entered into force for the four countries of China, Japan, Australia and New Zealand and the ASEAN countries. According to the General Administration of Customs "Announcement on the Announcement of New Issues in the Implementation of the Regional Comprehensive Economic Partnership Agreement" (General Administration of Customs Announcement No. 8 of 2022), RCEP will come into effect in South Korea on February 1, 2022. The economies of China and South Korea are both among the largest in the world. The trade volume between China and South Korea is nearly 300 billion U.S. dollars. RCEP will accelerate the deepening of economic and trade cooperation between China and South Korea. The most eye-catching one is tariff concessions. So what tariff reduction policy preferences do my country’s major commodities imported from South Korea, such as auto parts, electronic products, maternal and infant products, and cosmetics, enjoy?
Product name: Photon Beauty Instrument
Product code: 85437099
Most Favored Nation Tax rate: 0%
Declaration elements: 1. Product name; 2. Purpose; 3. Function; 4. Brand (Chinese or foreign name); 5. Model
Product name: Electric vacuum cleaner (power does not exceed 1500 watts, and has a dust collection container with a volume of no more than 20 liters)
Product code: 85081100
Best Favorite National tax rate: 8%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0
in the tenth yearDeclaration elements: 1. Product name; 2. Drive mode; 3. Dust collector volume; 4. Brand (Chinese or foreign name); 5. Model; 6. Power
Product name: Rice cooker
Product code: 85166030
MFN tax rate: 7%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0
in the tenth yearDeclaration elements: 1. Product name; 2. Purpose; 3. Heating principle; 4. Brand (Chinese or foreign name); 5. Model
Product name: Electric oven
Product code: 85166050
MFN tax rate: 7%
RCEP tax reduction model: tax reduction year by year
Final tariff: Tenth Year dropped to 0
Application elements: 1. Product name; 2. Usage; 3. Heating principle; 4. Brand (Chinese or foreign name); 5. Model
Product name: Citronella essential oil
Product code: 33012920
MFN tax rate: 15%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0
in the tenth year Declaration elements: 1. Product name; 2. Purpose; 3. Processing technology; 4. Packaging specifications; 5. Brand (Chinese) or foreign name); 6. Model; 7. Ingredient content
Product name: mouthwash
Product code: 33069010
MFN tax rate: 3%
RCEP tax reduction model: tax reduction year by year
Final tariff : Reduced to 0
in the tenth year. Declaration elements: 1. Product name; 2. Packaging specifications; 3. Brand (Chinese or foreign name); 4. Model (item number)
Product name: Infant toothpaste
Product code: 33061010
MFN tax rate: 3%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0
in the tenth yearDeclaration elements: 1. Product name; 2. Packaging specifications; 3. Brand (Chinese or foreign name); 4. Model (item number)
Product name: Baby shower gel
Product code: 34013000
MFN tax rate: 6.5%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0
h in the tenth year tml0 Declaration elements: 1. Product name; 2. Ingredient content; 3. Appearance; 4. Packaging specifications; 5. Brand (Chinese or foreign name)Product name: Pneumatic rubber tires for motor passenger cars
Product code: 40111000
MFN tax rate: 10%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0
in the tenth year Declaration elements: 1. Product name; 2. Purpose; 3. Model; 4. Rim size; 5. Section width; 6. Tread pattern; 7 Brand (Chinese or foreign name) ; Reduced to 0
Declaration elements: 1. Product name; 2. What kind of engine is it suitable for (such as aircraft, ships, etc.); 3. Applicable engine type (ignition type); 4. Brand (Chinese or foreign name); 5. Part number
Product name: electronic throttle
product Coding: 84099199
MFN tax rate: Temporary 3% (84099199.10)/5% (the rest)
RCEP tax reduction mode: tax reduction year by year
Final tariff: reduced to 0
in the tenth year 1 Declaration elements: 1. Product name; 2. What kind of engine is suitable for (such as aircraft, ships) etc.); 3. Applicable engine type (ignition type); 4. Brand (Chinese or foreign name); 5. Part number
Product name: Qingwang Grape
Product code: 08061000
MFN tax rate: 13%
RCEP tax reduction model: tax reduction year by year
Final tariff: reduced to 0 in the tenth year
Declaration elements: 1. Product name; 2. Preparation or preservation method (fresh); 3. Type; 4. Specifications; 5. Brand (Chinese or foreign name)
Product name: Korean soju
Product code: 22089090
MFN tax rate: 10%
RCEP tax reduction mode: The commitment table shows that the tax number will not be reduced
Declaration elements : 1. Product name (Chinese and foreign names); 2. Raw materials; 3. Alcohol concentration; 4. Packaging specifications; 5. Brand (Chinese or foreign names)
In order to implement various policies and measures for RCEP trade facilitation, the customs has comprehensively upgraded the origin management information system, optimized the declaration mode for preferential goods, and adjusted the customs declaration structure to ensure the full implementation of rules of origin and agreed tax rates.
Source: Import Guide Reprinted from Huangpu Customs 12360 released
Source: Import Guide Reprinted from Huangpu Customs 12360 released
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