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China validated a new consumption tax policy on April 1 that levies higher taxes on luxury goods such as yachts and limousines, as well as wooden disposable chopsticks and wooden flooring. This marked the most profound change in the consumption tax since 1994 and is thought to be the first step in an overall tax reform in the country. Consumer tariffs, which are handed over to state coffers, consist of excise taxes and the taxes on imported goods collected by customs agencies.
China validated a new consumption tax policy on April 1 that levies higher taxes on luxury goods such as yachts and limousines, as well as wooden disposable chopsticks and wooden flooring. This marked the most profound change in the consumption tax since 1994 and is thought to be The first step in an overall tax reform in the country. Consumer tariffs, which are handed over to state coffers, consist of excise taxes and the taxes on imported drug collected by customs agencies.