BEIJING (Reuters) - China will cut government-related fees and service charges to reduce costs for companies and individuals from July 1, state media said on Wednesday, part of a wider pledge to pare trillions in taxes and fees this year.
China’s state council, or cabinet, said the measures, including a cut in real estate registration and mobile traffic fees, will yield at least 300 billion yuan ($45 billion) in tax and fee reductions this year, state television said.
To expand imports and spur consumption, China will also cut import duties on travelers’ luggage and personal mailed parcels from April 9, the state council added, with the rate on imported food and medicines to be cut from 15 percent to 13 percent.
For textile products and appliances the rate will be cut to 20 percent from 25 percent, it added.
Reporting by Beijing Monitoring Desk; Writing by Yawen Chen; Editing by Clarence Fernandez