At the beginning of 2012, the first stage of the ECFA (Economy Economic Cooperation Framework Agreement) early stage harvesting list started to reduce tax. Taiwan’s 437 items were exported to mainland China for tax exemption. This is the largest decline and most product wave in the ECFA's early-income list tax reduction process. With the reduction of taxes, Taiwan’s tax reduction benefit will exceed NT$15.2 billion.
In the early collection list of the first phase, Taiwan’s 72 items that were exported to the mainland had already been reduced to zero tariffs last year. This year, 437 items were included in the tax exemption, and the scope of tax exemption was 94%. Tariffs for another 30 items will be reduced to 5% this year and will be reduced to zero in 2013.
At the same time, Taiwan has imported tax deductions for goods from the mainland, 67 of which were exempted from taxation last year, 186 of which are now tax-free, and the scope of tax exemption is close to 95%. The other 14 items will be reduced to 2.5% this year and will be tax-free from 2013.
The tax-deductible Taiwan products include cotton and chemical fiber cloth, non-woven fabrics, knitwear, metallurgy, medical care, auto parts and agricultural products, light industry, chemical industry, electronics and machinery, among which products are more popular among mainland consumers. Taiwan saury, oncidium, grouper, banana, oolong tea and so on.
In the face of deteriorating international economic conditions, the ECFA is a “strengthening pin†for Taiwan’s economic development. Taiwan’s Ministry of Finance estimates that the cost of Taiwan’s exporters will drop significantly, and the effectiveness of ECFA’s early receipt of inventory will expand in 2012. Tax benefit for Taiwan It will exceed NT$15.2 billion.
In the early collection list of the first phase, Taiwan’s 72 items that were exported to the mainland had already been reduced to zero tariffs last year. This year, 437 items were included in the tax exemption, and the scope of tax exemption was 94%. Tariffs for another 30 items will be reduced to 5% this year and will be reduced to zero in 2013.
At the same time, Taiwan has imported tax deductions for goods from the mainland, 67 of which were exempted from taxation last year, 186 of which are now tax-free, and the scope of tax exemption is close to 95%. The other 14 items will be reduced to 2.5% this year and will be tax-free from 2013.
The tax-deductible Taiwan products include cotton and chemical fiber cloth, non-woven fabrics, knitwear, metallurgy, medical care, auto parts and agricultural products, light industry, chemical industry, electronics and machinery, among which products are more popular among mainland consumers. Taiwan saury, oncidium, grouper, banana, oolong tea and so on.
In the face of deteriorating international economic conditions, the ECFA is a “strengthening pin†for Taiwan’s economic development. Taiwan’s Ministry of Finance estimates that the cost of Taiwan’s exporters will drop significantly, and the effectiveness of ECFA’s early receipt of inventory will expand in 2012. Tax benefit for Taiwan It will exceed NT$15.2 billion.
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