ANNOUNCED AS TEMPORARYNo
Internal taxation of imports
On April 27th, 2018, the Chinese Ministry of Finance announced that it would be reducing import VAT on certain medicines from the standard 17% to 3%.
In addition, the announcement also mentioned that domestic wholesalers, manufacturers and retailers of these medicines could use a simplified VAT calculation in order to collect 3% VAT, albeit with some restrictions:
Once adopted, the simplified calculation method must be used for 36 months before the general method can be adopted;
Calculations must be done separately for the pertinent medicines.
The medicines in question are all anti-cancer medications of some type.
Another announcement from around the same time also reduced import tariffs on such products to nothing. Please see related act for more information.
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