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CHINA DANGLES TAX CUTS -BUT OTHER TARIFFS REMAIN HIGH
Hoping to draw investments from Indian diamantaires, a delegation of senior officials from the Chinese Bureau of Foreign trade and economic cooperation of the panyu Municipality in Guangzhou province, held a senior in Mumbai on July 13th titled 'New China Diamond policy Golden Opportunitis to Enter China Jewelry Market.'
Discussing China's new taxation policy, Li Zhiwei the chairman for the China Council for the promotion of International trade said that starting July 1st last the Shanghai Diamond exchange had reduced the value - added tax (VAT) on diamond imports from 17 per cent to zero for rough diamonds and to four per cent for polished. Wholesale Labradorite Jewellery
However several Mumbai based diamond traders with existing operations in China expressed concern over the lack of a transparent taxation system within the country. Addressing this issue the chairman of the Gem and Jewelry Export Promotion Council (GJEPC) Bakul Mehta, while welcoming the recent policy move by the Chinese government, called attention to several other hidden tariff and complex tax structures which could sometimes add up to around 35 per cent.
Acknowledging these concerns, LI Zhiwei said the mater was being looked into but remained non-committal about the time repaired. Confusion over import duties on ready-made jewellery red tape delays and a withdrawal tax were some additional problems cited by Indian traders who also faced a language barrier. Wholesale moonstone Jewellery Others said they preferred Hong Kong over mainland China simply for the ease in conducting business.
Sara Mak the deputy general manager of sales and marketing of the government backed jewellery trading platform, Worldmart Jewelry and gems Emporium highlighted the service available for overseas traders who wish to enter China. "Worldmrt is unique in that it brings together traders spanning the entire pipeline from raw material supplies and jewellery manufactures to wholesalers and retailers", she noted.
Showcasing the region's rapid growth, Gao Yaozong the deputy director of the Bureau, said that Guangzhous total exports last year were $1.6 billion, adding that it was setting the standards for the countrys jewellery industry.
On of the factors that has had led the Chinese government to institute the tax cut is believed to be the rampant illegal diamond trade in the region. Wholesale turquoise Jewellery
According to China's state-run Xinhua news agency a spokesman for the Hong Kong - based company Wing Hang Diamond stated that, "The fact that up to 90 per cent diamonds enter the country through illegal channel is a great cause for concern.
Chinese Customs collect a very meager amount of VAT because only over 10 per cent are imported through lawful exchanges". Most traders welcomed the import tax reduction and expect to see a 10 to 15 per cent jump in sales this years.
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