News & Policies
New regulations implemented on New Year’s Day
From January 1, 2021, a batch of new regulations related to people’s livelihood will be officially implemented. Reduce import tariffs on 883 products, optimize individual tax withholding and prepayment, increase regulatory penalties in the "beauty" industry, and prohibit the import of solid waste in any way. Please check out below:
New Regulation 1: Tariff reductions on pharmaceutical raw materials, medical equipment, milk powder raw materials and other commodities
The Customs Tariff Commission of the State Council issued a notice stating that starting from January 1, 2021, the country will impose a provisional import tariff rate lower than the most-favored-nation tariff rate on 883 commodities. Among the commodities for which import tariffs have been reduced this time, many are related commodities that are commonly used by the people and are in high demand.
Whether milk powder raw materials, special medical foods, pharmaceutical raw materials, and medical equipment are closely related to people’s livelihood, they will help reduce the people’s cost of living and further improve their quality of life.
New Regulation 2: No withholding and pre-payment of individual tax for the month of cumulative income not exceeding 60,000 yuan
According to the “Announcement of the State Administration of Taxation on Further Simplifying and Optimizing Some Taxpayers’ Individual Income Tax Withholding and Prepayment Methods”, from January 1, 2021, in the months when the taxpayer’s cumulative income does not exceed 60,000 yuan, no withholding Pay personal income tax; in the month when its accumulated income exceeds 60,000 yuan and subsequent months during the year, withhold and prepay personal income tax.
New regulation 3: "Beauty" industries increase regulatory penalties
The "Regulations on Supervision and Administration of Cosmetics" came into effect on January 1. Focus on strengthening penalties for violations of laws and regulations.
New Regulation 4: Prohibit the import of solid waste in any way
According to the "Announcement on Matters Concerning the Total Ban on the Import of Solid Waste" issued by the Ministry of Ecology and Environment, the Ministry of Commerce, the National Development and Reform Commission, and the General Administration of Customs, starting from January 1, 2021, my country will ban the import of solid waste in any way. It is forbidden to dump, stack, and dispose of foreign solid waste from abroad.
After the total ban on the import of solid wastes, the Ministry of Ecology and Environment will no longer approve and issue import licenses for restricted solid wastes that can be used as raw materials.