On December 21, the Tariff Commission of the State Council issued the “Adjustment Plan for Temporary Import Tax Rates in 2021”, in which the 1% tariff rate for imports within the cotton tariff quota will continue to remain unchanged.
For a certain amount of cotton imported outside the quota, a temporary tariff in the form of sliding quasi-tax will be implemented. The specific method is as follows:
1. When the duty-paid price of imported cotton is higher than or equal to 14.000 yuan/kg, a specific tax of 0.280 yuan/kg is levied; 2. When the duty-paid price of imported cotton is lower than 14.000 yuan/kg, the tentative ad valorem tax rate is calculated according to the following formula :Ri=9.0/Pi+2.69%× Pi-1. The calculation result of the above formula is rounded to 3 decimal places. Among them, Ri is the tentative ad valorem tax rate. When the value calculated according to the above formula is higher than 40%, Ri takes the value of 40%; Pi is the customs duty paid price in yuan/kg.
The sliding tariff in 2020 is stipulated as follows:
1. When the duty-paid price of imported cotton is higher than or equal to 15.000 yuan /kg, the specific tax is calculated as 0.300 yuan/kg; 2. When the duty-paid price of imported cotton is less than 15.000 yuan/kg, the tentative ad valorem tax rate is calculated according to the following formula: Ri=9.45/Pi+2.6%×Pi -1.
It can be seen that compared with 2020, the starting point of the sliding tax and the specific tax will be lowered in 2021, and the core element values in the formula will also be lowered. Downregulation.
According to common sense, the reduction of quasi-tax is beneficial to imports and should be negative for cotton. The actual situation is that Zheng cotton rebounded significantly after two consecutive days of correction, which shows that the tariff adjustment The impact on the cotton market is limited. According to the requirements of the document, the purpose of the tariff adjustment is to support the acceleration of the construction of a new development pattern and promote high-quality economic development, and is not intended to suppress the cotton market. As we all know, this year the world has experienced a once-in-a-century COVID-19 epidemic, and all walks of life have been affected to varying degrees. This tax rate reduction will reduce the burden on real enterprises to a certain extent. According to rough calculations, one ton of imported cotton can be cheaper by more than 200 yuan.
According to the 2021 cotton import sliding tariff calculation formula and the customs applicable exchange rate in January (6.5355), when the imported cotton price is above 97.17 cents/pound (including 97.17 cents) / pound, the duty-paid price is about 14,000 yuan / ton), the sliding tariff is levied at a fixed rate of 280 yuan / ton; when the foreign cotton price is between 52.17 cents / pound and 97.17 cents / pound, the sliding tariff is applicable; When the price of foreign cotton is lower than 52.17 cents/pound, a fixed tax rate of 40% will be levied. See the table below for details:
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