SHANGHAI: China, the world's fastest-growing market for luxury goods Men Supra Vaider Shoes for sale Milan Models Eclipsed by M&A Chatter as Prada Deal Sets Stage10, is expected to cut or eliminate taxes on imported high-end products to boost domestic consumption supra Vaider Shoes for men, a marketing report said on Monday.
A new tax regime for luxury goods will be introduced by April 1, the 21st Century Business Herald reported -- just ahead of a week-long holiday for National Day and a shopping spree for Chinese consumers.
China’s steep luxury taxes -- which can be as high as 60 percent -- have for years sent well-heeled shoppers flocking to Hong Kong and Europe for items like Louis Vuitton handbags and Rolex watches to avoid the hefty duties.
The finance ministry's revamped approach will likely reduce or eliminate taxes on items such as watches Supra Pilot shoes for sale Every handbag4, clothing Womens Supra Vaider Shoes, footwear, luggage, cosmetics Supra Pilot shoes for cheap, perfumes and milk powder, the newspaper said, citing unnamed sources.
Commerce ministry spokesman Yao Jian told reporters last week that it was a "general trend" for China to cut tariffs on mid- and high-end consumer goods as part of the country’s efforts to boost domestic consumption.
There has been "consensus" on this issue among various government departments, Yao said.
Policymakers are looking to boost domestic spending and reduce their reliance on exports and investment to drive the world’s second-largest economy.
Chinese demand for luxury goods has exploded in tandem with rapid economic growth and the country is forecast to become the world’s largest consumer of such goods by 2015 Buy Men Supra Vaider Shoes, according to consultancy PriceWaterhouseCoopers.
Fifty-six percent of China’s luxury purchases in 2010 were made overseas Supra Pilot shoes for sale Launch of Stylish Herme, according to a survey released by advisory firm Bain & Company in late.