The 2024 PRC Customs Tariff Law: A Tax Perspective on Key Highlights

June 21, 2024 | BY

Susan Mok

Daisy Duan, Sara Shi and Jinwen Shi of King & Wood Mallesons unpack the tax implications of a new law which overhauls China's system of customs tariffs

Summary

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  • The promulgation of a new tariff law represents a significant shift from regulatory to legislative oversight of China's tariff system
  • Overall, the law seeks to balance the interest of taxpayers and the customs authorities
  • However, new measures on legal liability reinforce China's determination to collect all taxes due
  • Joint punitive measures also illustrate a robust stance by the authorities

On April 26, 2024, the Standing Committee of the National People's Congress (NPCSC) of China voted to adopt the PRC Customs Tariff Law (the "Tariff Law") (中华人民共和国关税法), which is scheduled to take effect on December 1, 2024. This has become one of the year's focal legislative events in China. Following enactment of the Tariff Law, China has implemented legislation for 13 out of the country's 18 existing tax categories. From a tax perspective, this law achieves alignment with other tax laws and regulations, and encompasses several noteworthy highlights.

New Progress in Following the Principle of Statutory Taxation

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