Chinese Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued a notice that revokes the bonded treatment for steel materials imported under 78 tariff codes, with an effective date of 1 January 2015. With the notice on revoking the bonded treatment for steel materials imported under processing trade, enterprises importing steel materials under the processing trade regime need to consider the potential effect that these changes may have on operations even if the steel materials they currently import are not within the 78 tariff codes. Enterprises importing steel materials within the 78 tariff codes may want to consider an importation batch before 31 December 2014 to reduce the duty implications.
Related Posts
IMF Recommends Tax and Social Security Reforms in China
February 20, 2026
On 18 February 2026 an IMF Country Focus was published, generally based on the report issued by the IMF following consultations with China under Article IV of the IMF’s articles of agreement. China’s economy has remained resilient through
Read More
EU imposes tariffs on Chinese-made electric vehicles
February 16, 2026
The European Commission has implemented additional import duties on electric vehicles manufactured in China, with rates varying significantly by manufacturer. These charges come on top of the EU's standard 10% import duty on cars. Chinese EV
Read More
US issues new tax rules to limit Chinese clean energy components
February 16, 2026
The US Treasury Department released interim guidelines on 12 February 2026 addressing how companies can qualify for clean energy tax credits while restricting reliance on Chinese-made equipment under President Donald Trump's tax legislation. The
Read More
China issues interim framework for tax deductions on capital assets
February 10, 2026
China’s Ministry of Finance and the State Taxation Administration have issued Announcement No. 15 of 2026 on 30 January 2026, in which it issued provisional rules clarifying the deduction of input VAT on long-term assets, with a particular focus
Read More EU raises tariffs on Chinese ceramics to combat unfair trade
February 10, 2026
The EU has dramatically increased import duties on Chinese ceramic tableware and kitchenware to 79%, replacing the previous range of 13.1% to 36.1% that had been in effect since 2013. The European Commission justified the steep increase by citing
Read More China issues new guidance on VAT deductions
February 05, 2026
China’s Ministry of Finance and State Taxation Administration has issued Announcement No. 13 of 2026 on 30 January 2026, clarifying rules on the deduction of input value-added tax (VAT). Effective 1 January 2026, the guidance overrides previous
Read More